Minimum wage in Chile: what is the new amount that will be charged from September 1st | ANSWER

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 Minimum wage in Chile: what is the new amount that will be charged from September 1st |  ANSWER

Only a few days left until the minimum wage in Chile is raised again, because it is known to be 440,000 pesos gross for the time being. Because of this increase, millions of Chilean workers will benefit from this measure. This notice will tell you the amount and the date when this benefit begins.

What is the new minimum wage in Chile?

With the next minimum wage increase in Chile, the salary for all local workers will be $460,000, reflecting the fact that $20,000 more has been raised.

When does this measure apply in Chile?

As is well known, the minimum wage will increase to $460,000 starting this Friday, September 1st. Gabriel Boric’s government expects the minimum wage to reach $500,000 on July 1, 2024. However, if the 2023 Cumulative Consumer Price Index (CPI) exceeds 6%, a previous $10,000 increase is forecast in January 2024, meaning it would remain at $470,000 this month.

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If it reaches $500,000 in July 2024, the Treasury indicates that “after that date, an automatic readjustment of the minimum monthly income will be considered, in any case according to the CPI registered between the months of July and December 2024 will.” and that will take place in January 2025.”

Therefore, the minimum wage will increase as follows in the coming months:

  • Current Minimum Salary: $440,000
  • September 1, 2023: $460,000
  • For January 1, 2024: $470,000 (only if annual inflation for that year 2023 exceeds 6%)
  • July 1, 2024: $500,000

Which premiums should increase with the increase in the minimum wage in Chile?

It is estimated that raising the minimum wage in Chile will increase the amount of bonuses such as family allowance, mother’s allowance, single parent allowance and grace pension.

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What is the minimum wage in Chile?

The minimum wage in Chile is the statutory minimum remuneration for paying an employee for services. This concept differs from base salary, which is the mandatory and fixed payment of money specified in his contract, paid for equal periods, and which an employee receives for performing his services in a normal working day. Since 2008, there has been a rule that an employee’s basic salary must not be less than the minimum wage.

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