In a critical move towards economic balance and equity, Mauritian Finance Minister Renganaden Padayachy announced an impending salary compensation adjustment. This revelation, set to unfurl on Thursday, December 7, follows a tripartite meeting. While the exact quantum of the salary compensation remains undisclosed, Padayachy underlined the importance of striking a balance in the labor market and the economic world.
Minimum Guaranteed Income
A significant highlight of Padayachy's announcement was the assurance that no employee would earn less than Rs 17,000 as a minimum guaranteed income. This marks a substantial leap from 2014 when the minimum salary was a tenth of the current figure. This initiative is a testament to the government's commitment to workers' rights and economic justice.
Emphasis on Middle Class
Moreover, Minister Padayachy expressed that the middle class, those earning over Rs 25,000, should not be overlooked. Recognizing their value in the economic ecosystem, he advocated for a deserved raise for this demographic. His call to the private sector was clear: view salaries as an investment in their businesses and extend support to workers, with a particular focus on the most vulnerable.
Growth Amidst Crises
Minister Padayachy also spotlighted the government's historical backing for both employers and employees. This support has corresponded with the country's economic growth, as evidenced by a 9.9% increase in gross value added, marking a significant milestone in the economic cycle. He reiterated the government's allegiance to human-centered economic development and the necessity for measures promoting individual and capital development. This commitment is evident in the country's growth trajectory, even amidst crises.