The unemployment rate in December 2023 was 3.4 percent, which means that 291,419 citizens are out of work, according to data from the State Institute for Statistics and Censuses (INEC).

Compared to the same month in 2022, current unemployment has increased. In that period, there were 266,942 of them, or a rate of 3.2%.

The National Survey of Employment, Unemployment and Underemployment released this Tuesday, January 23, 2024 shows that adequate/full employment has increased. In December 2022, there were 3,011,800, and in December 2023, 3,093,647.

In terms of gender, men have more opportunities, 41.1%, and women 28.8%.

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Underemployment has increased, consisting of employees who in the reference week earned less than the minimum wage and/or worked less than the legally prescribed hours and have the desire and availability to work additional hours.

In December 2022, it was 19.4% (1,618,846), and in the same month of 2023, 21.2% (1,824,737).

More men are underemployed, with a rate of 22.9%, and 18.9% for women.

Economic income

The National Institute for Statistics and Population Census points out that, within the employed population, the average working earnings of an employed man was $479.5, while it was $400 for a woman in December 2023.

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These values, compared to those from December 2022, are lower. Back then, men received an average of $500, and women $401.5.

However, the Single Basic Wage (SBU) in Ecuador is $460, set as of January 1, 2024.

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The same research shows that in December 2023, 37 average hours of work per week were recorded for men, while for women it was 31 hours.

Article 47 of the Labor Law stipulates that the working day can last a maximum of eight hours a day, and no longer than forty hours a week, unless otherwise specified by law.

“The maximum effective working time in the subway will be six hours a day, and only for additional, overtime or recovery hours, it can be extended by another hour, with the corresponding compensation and allowances,” the article reads.

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