Cuba sets new policies for wages paid by foreign investors

Cuba sets new policies for wages paid by foreign investors
Dec 17,2014

HAVANA, Dec. 16 (Xinhua) -- Cuba's government has approved new wage
guidelines for nationals working for foreign firms in the country, state
daily Granma reported Tuesday.

The new rules, covering wages and social security payments, were
published in a government gazette.

Cuba's state-run employment agencies will be responsible for negotiating
wages on behalf of workers and paying their salaries, as well as hiring,
training and protecting workers' rights.

According to government statistics, Granma said, the average salary in
Cuba in 2013 was 471 pesos, around 19 U.S. dollars, so wages cannot be
any lower than that, including for those who have been earning Cuba's
minimum salary of 225 pesos.

The rise in wages is expected to help spur productivity, especially in
industry.

More than 40,000 Cubans are expected to benefit from the higher wages as
employees of joint-venture companies or wholly foreign-owned firms.

Cuba's new Foreign Investment Law took effect in June and the country is
preparing for an influx of foreign capital and businesses.

The country hopes to attract at least 2 billion dollars a year in fresh
capital to revitalize the economy and push its economic growth to over 5
percent.

Source: Cuba sets new policies for wages paid by foreign investors |
Shanghai Daily -
http://www.shanghaidaily.com/article/article_xinhua.aspx?id=259116