Puerto Rico raised its minimum wage for the first time in more than a decade, but experts say while it's a step in the right direction, there are several structural factors that make it difficult for working-class families in the U.S. territory.
"It's not enough, but it's a starting point. This can also be complemented with the earned income tax credit," a refundable tax credit for low- to moderate-income working families that Puerto Ricans will have access to starting next year, said José Caraballo-Cueto, an economics expert and an associate professor at the University of Puerto Rico's graduate business school in Rio Piedras.
"The cost of electricity is one of the expenses straining most citizens and small businesses" who alreadyA century-old law known as the, which limits foreign ships from going to Puerto Rico, raises the cost of imported goods, contributing to the island's high cost of living, both Caraballo-Cueto and Vargas-Ramos said.
However, other industries such as construction and finance, which pay their workers at least $15 to $12 an hour respectively, may be in a better position to keep up with future wage increases, he added.
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