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Tuesday, January 31, 2023

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Dominican business leadership suggests a wage adjustment

The National Council of Private Enterprise (Conep) suggested to the employer sector to make a voluntary adjustment of wages, taking into account the levels of inflation experienced in the country during the last year.

The business group, which integrates the main associations and companies of the Dominican private sector, presented the suggestion today, through a press release, reporting that “this proposal is the result of extensive consultations carried out by the institution with the productive sectors of the country”.

He recalled that, according to reports from the Central Bank of the Dominican Republic, year-on-year inflation as of July 2022 amounted to 9.43%. In this regard, the president of Conep, Pedro Brache, highlighted “the commitment of the national business community to make decisions that promote the well-being of people.”

As of March 2022, 2,339,490 jobs were registered in the Dominican Social Security System, with an average salary of 28,987.1 pesos.

In that month, the lowest average cost of the family basket was 24,367.08, corresponding to families with the lowest income. While the national average was 41,195.04 pesos, a figure that had increased to 42,269.58 pesos in July, according to Central Bank statistics.

“The Dominican employer sector is consistent with the current situation, taking timely measures in favor of the stability and tranquility of workers and their families. An eloquent example was the adjustment to the minimum wage of the 16 formal sectors of the economy, made as of July 2021 as a result of dialogue between the government, the private sector and the workers,” said the president of the union organization.

Likewise, he emphasized the voluntary nature that should promote the reception that companies make of this proposal, taking into account their individual circumstances.

“Each company has its own reality and operates autonomously, and under particular circumstances, which is why we are suggesting a voluntary salary adjustment, which can compensate to some extent for the effects of accumulated inflation in recent months,” he said.

In turn, the president of Conep highlighted the importance of having an environment that allows tripartite social dialogue, seeking agreements between the government, workers and employers.

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