The president of Ecuador, Guillermo Lasso, announced on Monday that the basic monthly salary for 2022 will be increased 6.25% from 400 to 425 dollars; the most important increase in the last eight years.
The remuneration “corresponding to the year 2022 will be increased to $ 425”Said the president, who took office last May.
He added that “it’s an additional $ 25. In a single year, we make an increase equivalent to the sum of the last four years. It is the highest percentage increase in eight years”.
The government set the hike after business leaders and union leaders were unable to jointly agree on the readjustment, as established by law.
The workers raised a raise to $ 500 a month.
During his election campaign, Lasso offered to raise the basic salary to $ 500 during his four-year rule.
Ecuador, whose dollarized economy is facing a crisis aggravated by the COVID-19 pandemic, expects a growth of 2.85% for its Gross Domestic Product (GDP) by 2022 and an inflation of 1.28%.
The Ecuadorian economy will improve by up to 3.02% this year, while the accumulated price increase between January and November stood at 1.87%, according to the government.
The cost of the basic food basket for a family of four reached $ 715 in November.
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