The Dominican labor market continues to show signs of good health, and one example is the creation of formal jobs at the end of February, whose figures are reflected in the number of contributors to the Social Security Treasury, according to data from the Superintendency of Pensions ( SIPEN).
The total number of contributors went from 2,020,338 in January 2023 to 2,105,974 in February 2023, equivalent to a new record, which surpassed the previous record of 2,077,092 people in August 2022.
According to the Superintendent of Pensions, Francisco Torres, these figures show the positive trend of the labor market in maintaining the level of jobs.
In this way, an increase of 7.6% is observed compared to February 2022, when 1 million 956,958 contributors were registered.
This increase translates into 149,016 additional contributors to the Dominican Social Security System, of which 85,251 (57.2%) were contributed by the private sector.
Among the activities with the greatest contribution to job creation are the Financial Services and Insurance (21.1%), Commerce (17.2%), Construction (11.4%), Accommodation and Restaurants (10.5%) and Manufacturing (7.9%) sectors. ).
The Superintendent of Pensions said that he expected this trend of growth in social security quotable wages to continue as of the entry into force of the last increase in the minimum wage of the non-sectorized private sector, announced on March 8 of this year by the President Luis Abinader and the National Salary Committee.
The aforementioned increase will be applied in two items, starting in April 2023 with 15%, and subsequently 4% in February 2024, for a total of 19%.
In terms of quotable salary, the average as of February of this year was RD$29,793, now being 6.23% above the average in the same period of the previous year, when it was RD$28,044.
This increase, he said, has been reflected in a greater proportion for women (7.15%), compared to men (5.41%), and in young people between 20 and 35 years (7.6%) compared to the other age ranges ( 4.96%).