The agreement establishes an annual increase of 8.25% for the minimum wage of more than 115,000 workers in the free trade zone system.
By 2022, all workers in the free trade zone system, will have a salary above 7,000 Cordobas as a result of the fourth tripartite agreement signed by employers, unions and the government, and covers salary increases for the next five years.
Based on the agreement, the more than 264 companies registered in the National Free Trade Zone Commission (CNZF) will have to pay a minimum in local currency of 5,460.87 Cordobas as of January 1, 2018, and each year afterwards salaries will increase by the percentage already established for the five-year period.
"This tripartite agreement has been recognized internationally since 2009, when first signed. We are convinced that it is a model that brings stability to workers and business owners to bring stability and to generate more investment... These agreements have been fundamental for investment growth and job creation in the free trade zone," said General Alvaro Baltodano, Presidential Delegate for Investment and CNZF President.
The CNZF President also said that companies have been improving conditions for workers, seeking to have medical clinics, nurseries, pre-schools, to a varying degree, such as the Yazaki company located in the city of Leon that has developed a housing project to provide a supporting link to decrease staff turnover by offering the best of incentives.