POLITICS & INSTITUTIONS - ECONOMY

Statec

Inflation triggers indexation of salaries



Rising prices because of inflation have triggered a 2.5% wage increase under the indexation scheme Photo: Shutterstock

Rising prices because of inflation have triggered a 2.5% wage increase under the indexation scheme Photo: Shutterstock

After much back and forth, national statistics office Statec on Friday confirmed that salaries would rise 2.5% in October to match inflation.

Wages were last adjusted to inflation at the start of 2020 to make up for the rise in cost of living. Statec’s estimates for the timing of the next adjustment have been swinging back and forth between the end of 2021 and early 2022.

But on Friday, the office confirmed that indexation was triggered on 1 October because of inflation of 2.7% in September.

Economy minister Franz Fayot (LSAP) via Twitter also announced the salary adjustment.

However, the Statec data must be confirmed during a monthly meeting of an index committee on 6 October.