QUITO (Reuters) – Ecuador’s labor ministry said on Friday it will raise the country’s monthly minimum wage to $460 in 2024, amid economic troubles and high unemployment.
The measure, a $10 increase on this year’s salary, will benefit workers, the ministry said in a statement, and was adopted after business groups and workers organizations failed to agree an increase.
The government estimates the fiscal deficit will be more than $5 billion this year.
New President Daniel Noboa has promised to create jobs, especially for young people, and boost investment for the struggling economy through urgent legislative reforms.
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