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FINANCIAL NEWS
Lebanese GLC demands minimum wage raise
21 Jul 2011
(MENAFN) Lebanese General Labor Confederation’s Head, Ghassan Ghosn, stated that the GLC demanded a raise of minimum wage 140 percent to USD793.57 up from USD330.65, reported The Daily Star.
Ghosn also asked Prime Minister Najib Mikati’s new born government to stop using the free market policies which the previous governments used.
The head of Lebanon’s largest coalition of labor unions added that the raise in wages was much needed as the Lebanese people were unable to keep up with living costs due to wages being incompatible with inflation rates.
It is worth noting that Due to its tightly regulated financial system, Lebanese banks have largely avoided the financial crisis of 2007Â-2010. And in 2009, despite a global recession, Lebanon enjoyed 9% economic growth and hosted the largest number of tourists in its history.
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