Workers earning the basic wage will get a $10 a month raise starting next year, after the Labor Department sets the new base wage at $460.

This wage will apply from 1 January 2024 and covers the worker in general, which includes:

The same percentage of this increase in the uniform basic salary of workers in general – which is 2.223% – will be applied to determine the sectoral minimum wages that appear in the tables of the respective sectoral commissions.

This was determined by the Ministerial Agreement no. MDT – 2023 – 175 issued by the Minister of Labour, Ivonne Núñez, this Friday, December 15.

Employers: 2024 wage increase expected to be $9.32 based on projected inflation

The salary increase of 10 dollars is aligned with the technical parameters: the inflation predicted for 2024 by the Ministry of Economy and Finance. That’s closer to the proposal from the companies, which initially proposed a $4.12 raise and then — when they couldn’t reach a deal — indicated it should be $9.32 based on projected inflation as outlined in Section 118 of the Labor Code. Instead, the workers were asking for a $100 raise to bring their pay equal to the cost of the living basket.

The decision was made by the new Government after a consensus was not reached between representatives of workers and employers in the National Council for Labor and Wages.