Correa sets the basic wage in $ 340

During his last weekly link of the year, Ecuadorian president Rafael Correa announced that the basic wage apply in 2014 will be $ 340.

The decision was taken last Friday after reaching an agreement between employers and workers. In the current wage ($ 318), workers proposed an increase of $ 33,70 (10.6%), while employers, $ 17,17 (5.4%).

“We must find the right balance,” said the president yesterday while announcing the salary increase.

He explained that in seven years of his government, the real wages (measured by purchasing power) has increased about 40%, “more than the average for Latin America” in a longer period.