Iran raises minimum wage by over 60% after months of protests

• Iran hikes minimum wage by over 60% following months of protests amid soaring inflation and economic hardship.

Iranian authorities have announced a more than 60 percent increase in the country’s minimum wage, local media reported on Sunday, in the annual adjustment that follows months of anti-government protests initially driven by economic grievances.

The Islamic Republic revises the minimum wage each year based on inflation, which had reached record levels in the months leading up to the war with the United States and 'Israel', largely under the pressure of international sanctions.

According to the semi-official Tasnim news agency, the labor minister said that “after government approval,” the monthly minimum wage will rise from 103 million rials to 166 million rials in the next Iranian year, which begins in the coming days under the solar Hijri calendar used in the country.

Based on black market exchange rates, the new minimum wage is equivalent to roughly $112 per month.

Protests erupted across Iran in late December over deteriorating living conditions, quickly evolving into broader demonstrations that included slogans against the leadership of the Islamic Republic.

Thousands of people were killed during the authorities’ crackdown on the protests, according to reports.