Business Leaders Propose a 7% Increase To The Minimum Wage
Wednesday, December 14 2011 @ 12:19 PM EST
Contributed by: Don Winner
REACTION - Rafael Chavarria, of the National Council of Organized Workers, said the workers reject outright the proposal presented by the business leaders. He added that the proposal put forward by the labor leaders - asking for an increase to $540 per month - is not debatable. For his part, the Deputy Minister of Labor and Workforce Development, Darius Falcon Piraquive, said both sides have until 20 December to reach an agreement. Otherwise, the Executive will set the new minimum wage salary that will go into effect in January 2012, the official said. (Prensa)
Editor's Comment: The negotiations to determine a new scheme for minimum wages in Panama continues. A 7% increase might sound like a lot, but inflation has been running at around 5% so it's really not much of a tangible increase, and rather just enough to keep pace. In these kinds of things you can just about split the difference - expect the bottom line to come in at about $460 to $480 or so, I bet. More than what the business leaders are proposing and less than what the union leaders are demanding.