Poverty January 7, 2016 | 10:09 am

Country´s wealth belies wages of misery: Central banker

Santo Domingo.- Centralbanker Hector Valdez Albizu on Wednesday again slammed what some sectors calledthe “wages of misery,” and stressed the need to redistribute some of the Dominicaneconomy´s wealth via higher salaries.

He revealed thatseveral sectors "have told me to shut my mouth" and not talk aboutthat topic, and stressed that even the poorest of the population cannotcontinue to earn an average salary of less than RD$8,000 when household staplescost 13,022 per month.

"We have tocontribute to spill that growth, and the only way is to improve the wages ofthe poorest of this country," the official said in a press conference.

Valdez said despitethat the cost of basic staples for the lowest income group is RD$13,022, its averagewage is around RD$7,500. "A person earning 7,500 pesos cannot pay 13,000pesos. That is to live by borrowing and to borrowing a 20% interest."

He noted that while thepublic sector´s minimum wage is RD$5117.5, large companies pay RD$12.873,midsize ones pay RD$8.850; small ones RD$7,843 and free zones pay 7,220 pesos.

"For a family to coverthe household staples the mom, the dad and the son have to work, and it doesn’treach even then," Valdez said.

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