France to raise minimum wage due to surging CPI
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
The guaranteed minimum growth wage (SMIC) in France will increase by 2.65 per cent from May 1 in order to follow the increase of the country's consumer price index (CPI) for modest-income households, the country's Ministry of Labour said.
With reference to the increase in CPI, the Ministry on Friday added that that the country's gross minimum monthly wage for full-time employment will be raised from 1,603.12 euros ($1,732.98) to 1,645.58 euros.
The minimum hourly gross wage will increase from 10.57 to 10.85 euros, Xinhua news agency reported.
The CPI for modest-income households increased by 2.65 per cent between November 2021 and March 2022, according to a report published on Friday by the National Institute of Statistics and Economic Studies (INSEE).
France's CPI increased by 1.4 per cent in March 2022 and the annual increase was 4.5 per cent, the INSEE said. (1 euro = $1.08)
