Ministry of Economic Development has stated businesses classified as micro enterprises have been excluded initially from the minimum wage policy introduced in the Maldives.
The economic ministry stated businesses are classified as micro enterprises if the total annual income is below USD 32,370 and the annual net profit is below USD 4,855. The ministry said such businesses do not have to follow the minimum wages announced by the government.
The government has introduced a minimum wage of USD 290 for small enterprises where employees work 8 hours per day. This translates to about USD 1.40 per hour.
Businesses are classified as small enterprises if the total annual income is between USD 32,370 and USD 323,700, and the annual net profit is between USD 4,855 and USD 48,550.