Economic committees: Ranks and salaries series numbers exceed Lebanon's capacities

                            
The Economic Committees held on Monday an extraordinary meeting to tackle the impacts of the ranks and salaries series on the Lebanese economy.                     

The Committees said that the numbers mentioned in the ranks and salaries series "are not realistic and exceed the capacities of the Lebanese economy."

The committees also pointed out that should the ranks and salaries series be passed, it would have dreadful repercussions on Lebanon's economy.                

The committees noted that such a reform project cannot be proposed ahead of the upcoming parliamentary elections.                  

The Union Coordinating Committee launched its open ended strike on February 19th 2013 after making repeated called on Prime Minister Mikati to validate the new salary scale and consequently refer it to Parliament for ratification.                      

The government endorsed a minimum wage hike last December, which became retroactively operative in February 2012, for both private and public sector employees.                      

The minimum monthly wage was fixed at $450, effectively rising by $116 (LL175,000) for those on the minimum pay.                      

Upon the recommendation of the Central Bank and Economic Committees, the Prime Minister has suggested that the payment of the wage hike be made in installments to keep inflation under control and avoid a widening budget deficit.                            

The union leader Hanna Gharib, however insists that no compromise on their demands will be accepted, stating that the salary hike should be paid in one go using alternative resources.