The National Wage Council on Monday approved a salary adjustment of 2.40 percent for private-sector workers.
The approved hike took into account inflation registered in the previous year, projected inflation for the next six months, and an adjustment percentage based on the change in the calculation formula agreed by the government, employers and workers in October 2011.
The new wage will take effect on July 1.
Labor Minister Olman Segura Bonilla said the figure was calculated after considering proposals presented by unions, employers and the government.
The Costa Rican Employers Chamber last week submitted a proposal for a 1.84 percent wage increase, while the National Union of Workers requested 3.03 percent.
The hike will benefit some 1.3 million private-sector workers, accounting for 85 percent of Costa Rica’s workforce.