Monday, October 2, 2023

The new amounts that employees will receive

Since September 1 last year, the minimum monthly income is no longer $440,000 but has increased, benefiting the pockets of all workers over 18 and up to 65 years old.

This increase also increased the minimum wage for workers outside this age group; That means, for people under 18 and over 65 years of age.

The same applies to the basic salary for non-remunerative purposes, the amount of which is usually used to adjust the level of state benefits.

What was the minimum wage in Chile?

According to the order published by the Ministry of Finance to which he had access The amounts of the three categories of minimum monthly income in Chile have been configured as follows:

  • For employees over 18 and up to 65 years of age: $460,000
  • For employees under 18 and over 65 years: $343,150
  • Minimum monthly income for non-remunerative purposes: $296,511

In addition to all these increases, the Ministry of Finance has amended the sections of the Household allowance and that Maternity benefit but retained the amounts granted by both social contributions.

Ultimately that changed Universe of beneficiaries, as more people can access it if they meet the requirements, which include the requirement of a certain income. In detail:

  • For those with monthly income, the fee is $20,328 per load not to exceed $539,328.
  • For those with monthly income, the fee is $12,475 per load exceeds $539,328 and does not exceed $787,746.
  • For those with monthly income, the amount is $3,942 per load exceeds $787,746 and does not exceed $1,228,614.

“Persons who have or can prove family responsibilities, whose monthly income is more than 1,228,614 US dollars, There is no entitlement to the above-mentioned benefits” says the Treasury document.

What are the next minimum wage increases?

Unlike previous years, these minimum wage increases were established in 2023 to 2025, although some increases are dependent on the behavior of the Chilean economy.

Thus, the next increases in the minimum wage correspond to:

  • January 1, 2024: Only if the consumer price index (CPI) is above 6% for the whole of 2023 will it rise to $470,000. If the percentage is lower, the current $460,000 will remain.
  • July 1, 2024: No matter what the CPI is, it will rise $500,000.
  • January 1, 2025: is adjusted according to the change accumulated by the CPI between July 1, 2024 and December 31, 2024.
Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news