Did you guys know that 75% of the economy in Guatemala is informal, meaning the majority of the people do not hold a job. Most Guatemalans work for themselves in mercados, plazas or the streets. Some people argue that Guatemala’s minimum wage is too high and the country is not competitive enough with other countries. About economics I know nothing about, but I think the minimum wages should be pegged to the cost of living in a given country and not to how competitive other countries are. I mean you will always find countries with minimum wages that are so low or so high, right? In Guatemala the monthly cost of living is about Q3421/$473 and the minimum wage about Q2500/$345 per month. I don’t know how one-salary households manage to survive, especially single mothers with children.
What are your thoughts regarding the minimum wages and cost of living?
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