Just wanted to throw this out there...
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Originally Posted by cobraboy
Actually, the manditory increasing of wages may have an opposite effect...not good. The marketplace determines what a job is worth. In fact, the most insidious form of inflation is artificial wage inflation.
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According to the latest figures, the inflation rate for DR in 2007 was approximately 6.1% and the estimate for 2008 is approx 6.2%(maybe a bit higher because of oil prices). The last minimum wage hike was last year. So far inflation is nowhere near damaging the economy in any real sense because of wage hikes.
Report for Selected Countries and Subjects
Actual minimum wages in the DR.
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The executive branch sets minimum wage levels for public workers, and the National Salary Committee sets levels for the private sector, with the exception of workers in the FTZs and the sugar, construction, hotel, and shoe manufacturing industries. The minimum monthly salary was approximately $139 (4,450 pesos) in the FTZs and $200 (6,400 pesos) outside the FTZs. The minimum wage for the public sector was approximately $81 (2,600 pesos) per month. The daily minimum wage for farm workers covered by minimum wage regulations was approximately $4.70 (150 pesos), based on a 10-hour day. Cane workers were subject to a special, lower minimum wage for the sugar industry, $2.50 (80 pesos) per day. The national minimum wage did not provide a decent standard of living for a worker and family.
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Dominican Republic