Unemployment Rate Hits Record Low of 4.7 Percent

Calls for more collaboration for technology training, key to increasing productivity and generating more employment. Punta Cana, Hig├╝ey. The president, Luis Abinader, highlighted that unemployment is 4.7%, the lowest figure in recent years. And that in 2022, 34% of new workers were young people in their first job.

He stated that the nominal minimum wage has increased by 43 percent after two wage increases, and the absolute minimum wage, discounting inflation, increased by 21 percent from August 2020 to October 2023. He said this has boosted the average wage of the entire economy.

The president offered these details when delivering the opening speech of the 46th meeting of the ILO-CINTERFOR Technical Commission (RCT) held in Punta Cana. This event brings together representatives of more than 50 vocational technical training institutions from 27 countries.

Abinader called for South-South collaboration between the partners participating in the meeting to strengthen training in technological branches, since this is the key to increasing productivity and generating more employment.

He highlighted that in 2020, the National Institute of Vocational Technical Training (Infotep) had only seven facilities, and today there are 38 throughout the country, which he considered a revolution since more than two million workers are trained in careers and technical courses. He congratulated Infotep for hosting this ILO-CINTERFOR meeting because it promoted technical and professional training.

At the event, the director general of the International Labor Organization (ILO), Gilbert F. Houngbo, explained that developing competencies and learning skills is essential for workers to adapt to technological changes and the requirements of companies. These are essential to building resilience in companies, labor markets and workers in the Americas. He indicated that policies are needed for people to further develop their skills.

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