Santo Domingo.- President Luis Abinader of the Dominican Republic announced a significant decrease in the country’s poverty rate. It marks a 23.4% reduction from April to June 2023, reaching the lowest level since 2016. This progress aligns with the economic policies and initiatives of his administration.
President Abinader highlighted that his administration has implemented two increases in the minimum wage. There was a 19% increase in 2022, followed by a 15% increase in 2023, with an additional 4% planned for February 2024. The accumulated salary increase from 2022 to 2024 stands at 38%, compared to an accumulated inflation of 22.7% from 2020 to 2023.
The minimum wage measured in dollars has increased by 35.7% in three years, going from $245.8 (2012 to 2020) to $333.6 (2020 to May 2023).
President Abinader reported the creation of 222,497 jobs from September 2022 to September 2023. 164,498 of these are formal jobs, representing 74% of the total. Since the start of his administration, a total of 422,739 new formal jobs have been created in various sectors.
President Abinader also highlighted the growth of employment in free zones, showing a 20% increase since 2020, reaching 197,313 jobs in October 2023.
In the sector of micro, small and medium-sized businesses (MYPIME), the President highlighted important labor contributions. Microbusinesses represent 9.2% of jobs, small businesses 13.2% and medium-sized businesses 4. 9%.
For the third quarter of 2023, the employment figure stands at 4.85 million, marking the highest historical employment level in the Dominican Republic. This indicates a strong and growing labor market under President Abinader’s administration.