Puerto Rico’s governor signed a Bill Tuesday to increase the US territory’s minimum wage for the first time in more than 12 years.
The current minimum pay of US$7.25 an hour will increase to US$8.50 in January and to $9.50 in July 2023. A third increase to US$10.50 is contemplated for July 2024, but would require further approval.
Governor Pedro Pierluisi said the first increase could represent an additional US$2,000 a year for a full-time worker.
Many cheered the move, given the high cost of living on an island struggling to emerge from a deep economic slump as it restructures a portion of its more than US$70-billion public debt via a bankruptcy-like process.