Ecuador: Basic Monthly Salary to increase $11 dollars in 2018

Posted on December 27, 2017 • Filed under: Business, Economy, Ecuador

eltelegrafo.com.ec (Machine Translated The projected economic growth component and the coverage of the basic basket were taken into account for the wage increase. The National Government set this Wednesday at $ 11 the increase to the basic unified salary (SBU) for the year 2018, so it goes from $ 375 to $ 386 per month. This was announced by the Labor Minister, Raúl Ledesma, at a joint press conference with the Finance Minister, Carlos de la Torre, and the head of the Internal Revenue Service, Leonardo Orlando. The salary increase will benefit close to 600 thousand private workers who currently receive the basic remuneration. Ledesma explained that the component of projected economic growth and the coverage of the basic basket were taken into account for the increase . The economic team stressed that -although the proposal was not accepted at the meetings of the National Labor and Wages Council- the competitiveness and liquidity of the productive sector will be maintained. “That’s why we’re going to ask the president (Lenin Moreno) to make the proposal viable to generate compensation.” Minister De la Torre explained that this $ 11 increase is part of a set of actions that can be supported in terms of maintaining the competitiveness of domestic production, both externally and internally.

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He mentioned aspects such as that the dollarized Ecuadorian economy is in the recovery phase and that it advances to sustained growth; that the dollar is appreciating day by day, which “forces us to consider that although a salary increase internally stimulates the economy, it generates more demand possibilities that are articulated with an offer that is production and employment in the long run”. The head of the SRI, Leonardo Orlando, said that in terms of benefits and, in compensation for the effort of the business sector, it is proposed to increase the percentage of income tax refund. Finally, Minister Ledesma pointed out that controls will be carried out to avoid dismissals, even though the employers promised that this will not happen. The workers’ proposal was to increase the SBU by $ 25. Employers argued that technically there should be no increase, because the inflation rate remains negative. They proposed $ 3. Read Article

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