(MENAFN- Saudi Press Agency)
LIMA Jumada II 22 1437 March 31 2016 SPA -- Peruvian President Ollanta Humala raised the minimum wage on Wednesday by 13 percent to 850 soles ($252) per month effective May 1 following pay-increase proposals by the country's presidential candidates according to Reuters.
Humala a former leftist military officer who turned conservative after taking office last increased the minimum wage to 750 soles in 2012. His administration ends on July 28 and he is constitutionally barred from seeking a second consecutive term.
Inflation quickened to 4.4 percent last year and the central bank expects it cool to around 3 percent by the end of the year.
Humala signed a decree authorizing the new minimum wage before a crowd of supporters in the highland region of Puno one of the poorest in Peru.
Humala's party withdrew from presidential and congressional elections earlier this month after trailing far behind others in polls. Humala has not endorsed any candidate and his approval rating has sunk in recent years.
--SPA
01:26 LOCAL TIME 22:26 GMT
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.