BEIRUT — With protests intensifying among members of the military and security forces, Lebanon’s government on Tuesday approved a decision to raise the salaries of public sector employees to nearly $92 a month.
Caretaker Minister of Information Ziad Makary said at the end of the Cabinet session that the public sector monthly minimum wage has been increased fourfold to reach 9 million Lebanese pounds (around $92 at the black market rate), from 2.6 million Lebanese pounds (about $27). On Wednesday, the black market exchange rate reached 97,300 Lebanese pounds for one dollar.
However, the wage increase, which will go into effect on May 1, was capped at a total of 50 million Lebanese pounds (around $513) a month and no less than 8 million Lebanese pounds ($82).
The cash-strapped country has been struggling to cope with a debilitating economic and financial crisis since October 2019. The Lebanese pound has lost more than 90% of its value since the start of the crisis, while hard currency has been scarce. Banks, meanwhile, have been imposing informal capital controls and limiting cash withdrawals.
