LatinNews Daily Report - 19 June 2012

ECONOMY | Costa Rican private sector proposes 2.74% salary increase. On 18 June Jaime Molina, the interim president of the Costa Rican union of chamber and associations of the private business sector (Uccaep), submitted a proposal for a minimum wage increase of 2.74% for the second half of 2012 to the national council of salaries. The proposal has been drafted based on an agreement reached by the unions and the private sector last October, whereby salary increases are calculated using a formula that takes into account projected (rather than past) inflation. According to the central bank (BCCR), inflation in 2012 will be at 5% by year end. However, the unions do not agree. On 12 June the union of national workers (UNT) and 15 smaller organisations submitted a request for an increase of 5.96%, while the unitarian teaching and communal confederation (Cusima) requested an increase of 4.96%. The difference is the result from the union’s inclusion in the formula of an additional increase to cover inflation registered in the last quarter of 2011.

End of preview - This article contains approximately 364 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial