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Increasing income rates... government steps to achieve stability and stimulate production
Economical 12/06/2023
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Baghdad: Haider Falih Al-Rubaie and Shukran Al-Fatlawi
Economic affairs specialists welcomed the government decisions aimed at improving the living conditions of many segments of society, noting that increasing the salaries of retirees and lower job grades represents an important step in achieving a measure of stability, peace and social justice, in addition to its necessity in stimulating demand for local goods and expanding the process of Production, stressing that this increase cannot affect the price level and inflation.
As of this month, the National Retirement Authority began implementing the decisions of the Council of Ministers requiring a lump sum increase of one hundred thousand Iraqi dinars in the salaries of retirees who receive salaries less than one million dinars, while the Prime Minister, Muhammad Shiaa Al-Sawani, indicated during a press conference held after the Council of Ministers session that The increase was approved and said that supporting the salaries of retirees comes to relieve the suffering of them and junior employees, and there is a committee formed to follow up the salary scale, indicating that there are “more than 199 thousand employees in the eighth, ninth and tenth grades.”
He added, “The number of heirs of retirees is approximately 1.4 million people,” pointing out that “the heirs of retirees are a forgotten group that has not been treated fairly in decisions over the past period, and they will be included in an increase of 100,000.”
The government steps were met with economic praise, expressed by expert Dr. Nabil Al-Marsoumi during his talk to “Al-Sabah” when he described increasing the salaries of retirees (civilian and military) as a very positive and successful government measure.
Al-Marsoumi added that the increase in the salaries of retirees and the corresponding increase in the lower segments of employees from the eighth, ninth, and tenth grades, that is, up to 45 percent of the total employees on the fixed staff included in this decision, is important in improving the living conditions of thousands of Iraqi families.
The economist believes that these increases, especially in the salaries of retirees, are very necessary to achieve a kind of social justice, albeit a small one, between employee salaries, meaning an improvement in the standard of living. It is also important because the economy is not calculated in abstract numbers, but rather insofar as it relates to humans, and therefore the goal of the economy is humans. Making people happy and increasing their salaries and well-being.
He continued that this increase is a successful government measure, although some believe that this increase, due to the small size of salaries of employees, including retirees, and whose consumption limits are high, most of it could go to consumption, increasing demand and thus this could lead to an increase in the level of inflation. He explained that the issue is not viewed from this angle only, but rather from the other angle, which is stimulating demand, as this increase will work to stimulate local production, because most of the new demand will fall on food and agricultural commodities in particular, which is mostly local production, and in the end, the increase in In fact, it stimulates demand and local production and expands the production process.
Al-Marsoumi pointed out that the decision is very important from a social perspective, as it achieves a degree of stability, peace and important social justice.
It is very much needed in Iraq.
The spokesman pointed out that the graphical average for some commodities is heading towards an increase and the general level of prices has begun to rise and that the cumulative inflation rate for the past years is much greater than announced, and therefore this matter contributes to reducing the purchasing power of cash salaries. Therefore, this measure of increasing the salaries of small employees and retirees, It came as compensation for the loss of their purchasing power.
On a related level, the researcher in economic affairs, Ali Al-Defafi, considered the government’s directions to support minimum salaries an important step to eradicate poverty, in addition to its necessity in increasing purchasing power, and thus moving the wheel of production of its various types, industrial and agricultural.
Al-Diffai explained that the increase in the exchange rate taken by the previous government led to the erosion of a large portion of the income rates of employees and retirees, and paralyzed the purchasing power of many of those who earn low salaries, in addition to that decision causing an increase in poverty and unemployment rates as a result of price increases at the time, pointing out The decision to increase the salaries of retirees and lower grades is very important and positive to support these segments and create a state of balance between their purchasing capabilities and prices.
Al-Diffai called on the government to work hard to support these segments on an ongoing basis, indicating that this will reduce the poverty gap, stimulate local production and double the employment of the unemployed, and thus the government will reap many gains as a result of these important increases.
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