Trend - The Supreme Labor Council of Iran has set the minimum wage of labor for the next Iranian year (starts on March 21).

After a nine-hour meeting, representatives of employers and the government decided to raise the minimum wage of $265 current year (started on March 21, 2018) to $361 for next year, Trend reports citing Fars News Agency.

Ali Khodaei, a workers' representative at the Supreme Labor Council, announced these figures, saying that negotiations at other levels are continuing.

After withdrawal of US from Iranian nuclear deal, otherwise known as the Joint Comprehensive Plan of Action (JCPOA) in May 2018, the economy of Iran took a nosedive, the currency plunged and inflation was running rampant.

Iran's inflation rate reached 23.5 percent during the twelve-month period ended on February 19, according to Iranian Statistical Center.