According to reports from Lao media, amidst the depreciation of the kip, the commercial sector in Laos is considering adjusting workers' wages to ensure they receive a decent salary that keeps pace with the rising cost of living.
Xaybandith Rasphone, Vice Chairman of the Lao National Chamber of Commerce and Industry, told reporters at a meeting in Vientiane that given the continuously rising inflation rate, the commercial sector in Laos is contemplating wage adjustments for workers.
"We are considering the fluctuations in the inflation rate as a priority for adjusting workers' wages. Currently, the wages of workers in Laos generally exceed the government-set minimum wage standard, not including additional income which totals over 1.6 million kip per month. If additional income is included, many workers actually earn up to 4 million or 5 million kip per month," said Xaybandith Rasphone.
He also stated, "The commercial sector in Laos is always committed to developing flexible wage policies to ensure that workers' wages are in line with the cost of living, while also aiming to protect workers' welfare."
The soaring inflation and depreciation of the kip have led to a labor shortage in Laos, with many workers leaving the country to seek higher-paying jobs elsewhere, impacting Lao industries and other businesses.
In response, the commercial sector in Laos plans to collaborate with the Lao government to train more workers, equipping them with the necessary skills to meet the needs of Lao employers, especially in special economic zones.
