Business Proposal on Minimum Wage in Panama

Businesses are warning that raising the minimum wage to a level higher than proposed will make the prices of goods and services more expensive, generating inflation.

Wednesday, December 4, 2013

The National Council of Private Enterprise (CONEP) confirmed that it has submitted a proposal to adjust the minimum wage. "The proposal from the business sector meets the objective of establishing the highest minimum wage in the region," said Gabriel Diez, president of CONEP.

"In addition, equilibrium is maintained for Small Businesses who might not be able to afford an extreme rise and respects the constitutional principle of having two regions with minimum wage increases which are kept appropriate," he added.

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Minimum Wage: Negotiation begins in Panama

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The union sector aims for a minimum wage of $1,040 by 2020, but employers say the current economic situation does not lend itself to substantial increases.

Workers, employers and government representatives in Panama are discussing adjustments to the minimum wage, the changes to which must come into effect on January 1, 2020.

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The Government is relying on a consensus between the parties, but private enterprise and workers have very different proposals.

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Nacion.com reports: "...

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