Ecuador raises minimum wage to 375 dollars for 2017

Ecuador’s minimum wage in 2017 will be 375 dollars. Photo: File

Quito, Dec 20 (Andes).- Ecuador’s National Council for Wages agreed Monday on raising nine dollars for the Minimum Wage, establishing 375 dollars for 2017.

The organization composed of entrepreneurs, employees and members of the Ministry of Labor reached a “historic” agreement after two previous meetings. “We reached a historic between among employees and employers to establish the Minimum Wage for 2017,” minister of Labor Leonardo Berrezueta said.

According to the minister, such decision was made after reaching a historic deal with representatives of employees and employers.

Moreover, he highlighted the willingness of members of the National Labor Council to talk and reach an agreement that benefits Ecuadorian and protects jobs.

To establish the new minimum wage, technical factors were analyzing including the price of the basic foods basket, evolution of the Consumer Price Index (CPI), productivity and jobs, among others.

Ecuador’s minimum wage is one of the highest in Latin America above countries like Chile, Venezuela, Perú, Colombia, Bolivia, Brazil and the second regionally, after Argentina.