Wage increase will be defined today by the regime

Francisco Vacas

Francisco Vacas, current Minister of Labor Relations will meet with regime leader, Rafael Correa, along with finance ministers and coordinators of Production and Economic Policy to define the Unified Salary increase (SBU) which will take effect since 2014.

During an interview with radio station FM Mundo, Vacas said, last Thursday, that due to the holiday of the New Year, which starts on Saturday and ends on January 1. That today is the last business day that the regime has to decide the salary increase, but he did not say whether the announcement would be made today. The minister said that in addition to fixing the SBU “tomorrow (today) will be defined on which day will be the dissemination of the decision.”

The current SBU is $ 318. The latest proposal of workers was up $ 33 (10.37%) and employers $ 17 (5.4%). “I think the positions were pretty close,” said Vaca. He explained that the regime did not have a precise figure until yesterday because they trusted both parties to reach a consensus. The official will take into consideration several factors like inflation, productivity and equity.