Syria's govt to raise salaries for many public sector staff by 400%

Syria's finance minister said on Jan 5 that the government would raise salaries for many public sector employees by 400 per cent in February after completing an administrative restructuring of ministries to boost efficiency and accountability.

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The increase, estimated to cost 1.65 trillion Syrian pounds, or about US$127 million (S$174 million) at current rates, will be financed by existing state resources plus a combination of regional aid, new investments and efforts to unfreeze Syrian assets held abroad.

"(This is) the first step towards an emergency solution to the economic reality in the country," Mr Mohammed Abazeed, the finance minister in Syria's caretaker government, told Reuters, adding that December's wages for public sector staff would be paid out this week.