Siniora: The wage increase is not based on solid research

Former PM and current Future bloc leader MP Fouad Siniora criticized on Friday the government over the way it is handling the economy by saying “the government is not tackling the economy correctly, ” National News Agency reported

“The draft budget does not address what should be addressed in light of the current economic recession,” he said following his meeting with former Prime Minister Salim Hoss.

Siniora , who served for several years as a Finance minister also said that “the wage increase decision was not based on solid research.”

Many observers are of the opinion that the 40 % increase in minimum wages will lead to inflation in the country.

PM Nagib Mikati on Tuesday agreed to raise the minimum wage from 500,000 LL to 700,000 L.L, and to raise wages of up to 1 million L.L by 200,000 L.L and wages ranging from 1 million to 1,8 million L.L. by 300,000 L.L. The cabinet approved the wage increases on Wednesday during its meeting at the Baabda palace, despite the objection of the business community.