Quito, December 31 (RHC-teleSUR), -- The minimum wage in Ecuador will rise in 2015 to US$354, an increase of US$14 a month, the Labor Minister Carlos Marx Carrasco announced Tuesday.

The boost amounts to a 4.11 percent increase on the 2014 salary.

Carrasco explained that over half a million people will receive the minimum wage next year.

Ecuadorean President Correa has often stated that his main aim is to ensure that Ecuadoreans receive a decent wage that covers all their necessities. He has labelled that an example of government policies that give priority to people over financial capital.

In 2007, when the president first came into power, the basic salary stood at US$170, meaning that in 2015 it will be more than double that level.

In 2013, for the first time, Ecuador’s minimum wage reached “dignity wage” levels, a level allowing families to cover the total cost of all basic goods.