Friday, October 24th, 2008
New government infrastructure developments in the works in southern Costa Rica are about to turn an isolated patch of jungle into a land of million-dollar properties.
All of this development means one thing to investors: opportunities for huge profits.
Right now, Costa Rica’s southern zone presents a perfect opportunity for pioneer investing; buy before an apparently isolated region is opened up to everyone else.
Infrastructure development drives real estate prices, it’s a fact. This is particularly so when accessibility is increased within an already established and growing market. Costa Rica has proven its ability to attract tourists and real estate investors to areas close to international airports. I don’t expect the southern zone in Costa Rica to be any different. (more…)
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Friday, October 24th, 2008
Private sector employees in Costa Rica could see their wages rise 7 percent next year after the National Salary Council approved its biannual adjustment this week.
The council made up of the country’s principal business association, labor leaders and government, with three representatives from each passed the increase in a 6-3 vote, with labor opposing.
Union leaders last week proposed a 9.08 percent increase, and added on other adjustments that amounted to a 12-to-16 percent total raise, depending on the worker’s sector and skill level.
On Monday, the Union of Private Sector Chambers and Associations, which represents 42 private business chambers, made a bid for a 6 percent hike.
The Labor Ministry on Wednesday proposed 7 percent and, during negotiations that followed, drummed up support from the business camp but failed to convince the unions, according to ministry spokesman Geovanny Díaz.
The lowest wages in the private and public sectors are adjusted separately every six months, to keep pace with the rise in cost of living.
Inflation has surged 15.77 percent during the past 12 months, the highest year-over-year increase since 1998, according to the National Statistics and Census Institute.
Negotiations involving public sector salaries are expected in the coming weeks.
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