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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.
(Reporting by Alexandra Valencia; Writing by Julia Symmes Cobb; editing by Diane Craft)