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This week Congressional Economic Commission endorsed the view to assess the increase in the minimum wage every two years, an initiative that has yet to be discussed in the plenary session of the Legislature.
Currently living wage In Peru it is SGD 1,025 after an increase made last year, but what is the basic wage in Peru compared to other Latin American countries?
The minimum wage in Peru is equivalent to approximately US$262 for a full-time eight-hour day or 48-hour week under Peruvian law, significantly lower than in some countries in the region.
Minimum wage in Latin America for 2023
Study bloombergwhich estimates the minimum wage, shows that base wages in 11 Latin American countries are higher than in Peru compared to the dollar exchange rate.
Highest base salary in the region recorded Costa Ricawhose minimum wage is 350,975 Costa Rican colones, which is equivalent to 603 US dollars.
Behind Costa Rica is Uruguay’s minimum wage: 21,106 yuan dollars or $540; Chile with 410,000 CLP or $475; Ecuador, $450; and Guatemala with a GTQ of $3,166 or $403.
| Country | Salary 2023 | % Increase | Salary 2023 in USD |
|---|---|---|---|
| Argentina | $65,427 | 6.0% | $189 |
| Bolivian | $2250 | 0.0% | $325 |
| Brazil | 1320 reais | 9.0% | $250 |
| Chile | 410,000 pesos | 2.5% | $475 |
| Colombia | 1,160,000 Colombian dollars | 16.0% | $242 |
| Costa Rica | $350,975 | 6.62% | $603 |
| Ecuador | $450 | 6.0% | $450 |
| Savior | $365 | 0.0% | $365 |
| Guatemala | GTQ$3166 | 7.0% | $403 |
| Honduras | HNL$7802 | 5.32% | $316 |
| Mexico | 6310 Mexican pesos | 20.0% | $325 |
| Panama | $326 | 0.0% | $326 |
| Paraguayan | $2,550,307 | 0.0% | $349 |
| Peru | C/1025 | 0.0% | $269 |
| Dominican Republic | 11 900 reais | 0.0% | $209 |
| Uruguay | $21,106 | 9.0% | $540 |
| Venezuela | $130 | 0.0% | $8 |
They are also taller minimal salary from El Salvador ($365), Paraguay ($349), Panama ($326), Bolivia ($325), Mexico ($325), and Honduras ($316).
But the minimum wage in Peru is not the lowest in Latin America. Countries like Brazil, Colombia, the Dominican Republic, Argentina, and Venezuela have lower wages when compared to the dollar.
In the case of Brazil remuneration 1,320 pesos is equivalent to 250 US dollars per month, while in Colombia a basic salary of 1,160,000 Colombian dollars equals approximately 242 US dollars.
The lowest minimum wage in all of Latin America was recorded in Argentina and Venezuela.
Prior to January, Argentina’s minimum living wage was 65,427 pesos, recently raised, equivalent to $189 per month. And this is against the background of inflation exceeding 90%.
O VenezuelaBloomberg notes that his base salary of 130 bolivars a month is equivalent to about $8. However, according to a study by the Center for Documentation and Social Analysis of the Federation of Teachers (Cendas-FVM), $485 to buy the basic family basket in this country.
With these data in mind, they calculated that it takes about 63 minimum wages in Venezuela to pay for a basic basket of 60 foods for a household of five.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.