By: Karen Martinez

While in Paraguay a person earning minimum wage has to work an average of 56 hours to earn USD 100, in countries like Iceland it only takes two hours.

in our country, the minimum wage for private sector workers was readjusted by 5.1%as determined by the Minimum Wage National Council (Conasam). The number thus comes to G. 2,680,373 by decree signed by President Mario Abdo Benítez.

With the new adjustments, the minimum wage will be G.103,091, according to a decree that has been in force since early July 2023.

When crossing the figures from the Organization for Economic Co-operation and Development (Oecd) from the estimated annual earnings by annual hours worked and obtaining the weekly calculation, one can see that There are countries like us that work the most, but not countries that receive the most remuneration.

According to the report, Another country in this situation is Colombia where they work an average of 46 hours a week for USD 9.2 per hour.which by the end of Sunday would have represented them at around USD 427. This is well below the average of the bloc countries who work 34 hours on USD 30 and earn more than USD 1,000 per week.

The second most workers are Mexico with 43 hours a week. Residents earn an average of US$ 7 per hour and in a week earn about US$ 320. The second lowest rate of the countries studied.

The International Labor Organization (ILO) explains that increased productivity is primarily the result of a better combination of capital, labor and technology. The US has been able to implement the prescription, despite the fact that its citizens spend nearly 6.3 hours a day on their phones, for every hour worked they contribute USD 72 to GDP.

However, under 30 hours a week are the UK, Switzerland, Belgium, France and Finland, all with 29 hours. However, when reviewing payments, Switzerland is the country with the highest amount at USD 48 and the UK, France and Finland the lowest at USD 35.

And the country that works the least is Germany, with 26 hours worked weekly and USD 44 per hour, while Iceland is the country with the best pay per hour, USD 55.

The ILO promotes policies and measures that seek to increase productivity in a sustainable manner and for the benefit of workers. This involves ensuring access to vocational education and training to develop relevant skills, promoting a safe and healthy work environment, encouraging investment in physical and human capital, and encouraging technological innovation.

Capital refers to the financial, physical and human resources used in production. Increasing productivity often means investing in better equipment, technology and machinery, which enables workers to perform their tasks more efficiently and effectively.

Workers play an important role in productivity. Your skill level, training and motivation directly affect production efficiency and quality. In addition, fair and safe working conditions and protection of labor rights contribute to a more productive workforce.

Adoption of new technology is an important factor in increasing productivity. The application of advanced technologies, such as automation, artificial intelligence and digitization, can improve production processes, reduce production time and increase precision. In addition, information and communication technology (ICT) can improve efficiency in management and decision making.

By addressing these aspects, the right balance between capital, labor and technology can be achieved, leading to increased productivity and sustainable economic and social development.