"The amount approved by the National Wages Council factors in projected inflation of 2.47%, 0.77% of cumulative inflation for the first half of this year and the adjustment for GDP growth in the last five years (0.54%)," says Patricia Recio in Nacion.com.

Entrepreneurs had proposed an increase of 3.60%, unions 3.96% and agriculturalists 3.24%.

"Our suggestion takes into consideration the low economic activity across the country. Although the increase is for private sector workers who are on the minimum wage, the figure serves as a reference for calculations for public service employees," said Jaime Molina, president of the Costa Rican Union of Chambers and Associations of Private Enterprises ( UCCAEP).

Source: Nacion.com

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