Thursday, 16 September 2021 00:33

10,000 companies have already received the minimum wage increase subsidy: BANDESAL

Written by Evelyn Alas

The President of Banco de Desarrollo de El Salvador (BANDESAL), Juan Pablo Durán, informed in an interview that so far 10,482; micro, small and medium enterprises (MSMEs), have already received the benefit of the minimum wage increase subsidy.

So far the institution made a first disbursement that has benefited 94,500 employees of the different companies.

In addition, the leader of BANDESAL stated "there will be a second disbursement for the companies that were not able to enroll in this period... we are still waiting for between 2,500 to 5,000 companies that will enter the program to receive the subsidy and we will support the benefited companies from august of this year until 2022".

According to the President of BANDESAL, the disbursement was easy for the companies, only some of those that registered have not been able to receive the disbursement due to failures in the bank accounts, but they offered immediate solutions so that they can obtain the subsidy for the increase in the minimum wage.

President of BANDESAL, Juan Pablo Durán, said that "as of last night, using the technological platform of the Banco Central de Reserva (BCR) and the Transfer 365 mechanism, they began with the massive disbursement of the Subsidy Program to support the minimum wage Increase and 9,150 have already been successfully channeled.

So far, the President of BANDESAL said that "4,977 credits have been delivered to formal companies. This adds up to a total of US$252 million, which if added to the US$62.1 million that were granted in subsidies, the formal sector of the economy has received a total of US$314 million.

He indicated that US$121.7 million are still pending to be executed through FIREMPRESA and this would be the final stretch, the last 20% of execution.