The minimum wage will increase by 8 euros (8.71 U.S. dollars) per week, or 400 euros per year, by 2019, Maltese government authorities revealed on Thursday.

This will be the first increase to the minimum wage in Malta for the last 27 years that is not related to cost of living adjustment.

The agreement stipulates that minimum wage earners who have completed their first year of employment will be entitled to a mandatory 3-euro-per-week increase in the second year.

Furthermore, they will be entitled to a further 3 euros per week in their third year of employment.

Increases will be backdated to Jan. 1, 2017 for those who have completed their first year of employment.

This new agreement will be signed by the social partners, the Maltese government and the opposition on Friday. (1 euro = 1.09 U.S. dollars)