Panama business chiefs say pay hikes may spell bankruptcies

A wage increase in the current economic slowdown would impact businesses in Panama, create layoffs and lead to bankruptcies says the National Council of Private Enterprise.

Julio De La Lastra, president of the Council said that the position of the sector is based on the fact that the adjustment to the salary would have repercussions on the existence of jobs and companies if the decision is not handled in a balanced way informa, Newsroom Panama reports.