Puerto Rico to raise minimum wage for 1st time in 12 years

Associated Press

Updated: Sep 21, 2021 / 10:48 AM CDT

SAN JUAN, PUERTO RICO – AUGUST 01: The Puerto Rican Capitol building is seen here. (Photo by Joe Raedle/Getty Images)

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SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor signed a bill Tuesday to increase the U.S. territory’s minimum wage for the first time in more than 12 years.

The current minimum pay of $7.25 an hour will increase to $8.50 in January and to $9.50 in July 2023. A third increase to $10.50 is contemplated for July 2024, but would require further approval.

Gov. Pedro Pierluisi said the first increase could represent an additional $2,000 a year for a full-time worker.

Many cheered the move, given the high cost of living on an island struggling to emerge from a deep economic slump as it restructures a portion of its more than $70 billion public debt via a bankruptcy-like process.