Ecuador: Minimum Wage Increases 22 dollars a month to $340 in 2014

Posted on December 30, 2013 • Filed under: Economy, Ecuador

ELTIEMPO.COM.EC reported that the increase is $22, recalling that in 2013 the basic remuneration is $ 318.

The Government had to set the rate, once the workers and the employers failed to reach an agreement. Employers proposed a rise of 17 dollars over the current SBU, while employees raised an increase of 30 dollars.

To set the 22 dollars increase, according to Correa, the projected inflation which is 3.2 took into account percent, which means at 10.18 dollars. Also determined thanks to productivity is 3.63 per cent, i.e., 11.54 dollars. The President also said that the sectors responsible for the decision of the SBU increased “they are nearly in agreement, missed little”. Reaching no agreement, the owner of labour relations the decision.

“The labour code tells us that the salary has to be adjusted according to the projected inflation, which this year was higher than real inflation, i.e., that the prices rose less than projected and the wage was higher,” explained the President. Read Article


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