Law Updates

SPF Issues Decision Determining the Average Wage Growth for 2024

The Social Protection Fund (SPF) issued a decision today Determining the Average Wage Growth for 2024, which is set at 3%.

The average wage growth as defined in the Social Protection Law is the rate used to re-evaluate the wage and the final salary annually for all sectors. This decision was issued pursuant to article 5 of the law, which requires the Board of Directors of SPF to issue a decision at least one month before the end of each year to determine the average wage growth for the contribution wage ceiling, and the percentages of the increase in the pensions.

The Social Protection Law came out in July last year, and this is the first time the SPF issues a decision determining the Average Wage Growth.

This new decision enters into force tomorrow. You can read it in full in English on the link below: