Burma’s parliament has formally approved a bill to raise MPs’ salaries on Thursday.

The bill was an amendment to the Laws on Emoluments, Allowances and Insignias of Parliament Representatives, Executive Members of Self-Administrated Regions, Union and State-Level Persons, and the Chairperson and Members of the Naypyidaw Council.

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According to the amendment, from the 2015-16 fiscal year, parliamentary MPs will enjoy a one million kyat (US$1,000) salary per month, up from the current sum of 300,000 kyat. MPs sitting in regional assemblies will see their salaries increase from 200,000 to 500,000 kyat.

When the bill was first presented in parliament, President Thein Sein made a statement suggesting that it may be preferable to gradually increase MP salaries in tandem with the country’s economic growth, as opposed to in a sudden hike.

Lt-Col Zaw Moe, a military MP in parliament, supported this suggestion, warning that increasing salaries by such large amounts may lead to an increase in commodity prices.