Ecuador’s Labor Ministry said Friday that it will increase the country’s unified monthly basic salary to US$460 by 2024amid economic problems and high unemployment.
Measure, an increase of US$10 compared to this year’s salary, will benefit workers, the Labor Ministry said in a statement, and was adopted after business groups and worker organizations failed to reach an agreement on an increase.
“In consideration of the economic and social situation of our country, A technical decision has been made that benefits our workforce and also considers our productive sector“he added.
The government estimates that the fiscal deficit will be more than US$5 billion this year.
The new president of the country, Daniel Noboa, has promised to create jobs, especially for young people, and boost investment for a struggling economy through urgent legislative reforms.
“To set the value, the inflation projected by the Ministry of Economy and Finance was considered, which is 2.07% for next year,” the statement concluded.