YANGON, Myanmar (AP) ” Myanmar is increasing the salaries of its government employees ” doubling some of them ” as of next month.
The announcement by Finance Minister Win Shein was relayed Thursday on state-run television.
The increases were aimed at slightly raising the standard of living of approximately 1.5 million government servants, from post office employees and teachers to director generals.
The new pay scale takes effect with the beginning of the new fiscal year on April 1.
Civil servants with the lowest pay of 75,000 kyats ($75) per month now will get 120,000 kyats ($120) under the new scale. Those who receive the highest pay of 250,000 kyats ($250) will get 500,000 kyats ($500) per month.
“The salary hike could increase consumer prices especially by market manipulators and the inflation could slightly increase too,” said economist Khin Maung Nyo about the salary raise.
According to the Asian Development Bank, Myanmar’s current inflation of 6 percent is likely to increase to 8.4 percent in the upcoming fiscal year due to GDP growth and expected higher wages.
Source: The New Zeland Herald