The president of the ConfiepAlfonso Bustamante Canny, stated that the possible increase in Minimum Living Remuneration (RMV), which would be announced in the coming days, will have a negative impact on micro and small businesses (MSEs).
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“When there is an anti-technical increase, those who are most affected are micro and small entrepreneurs, who will not be able to assume this increase. It is not popular, it must be measured well, but the government could shoot itself in the foot,” he assured Peru21.
In that sense, he indicated that there is no technical explanation for the increase in minimum wage which today is at S/1,025, because it would only have an impact on 2% of the working population, so he considered that this is a political issue, which could have consequences.
Likewise, he recalled that large companies are not affected because they pay salaries above the aforementioned amount. Meanwhile, the informal workers receive less than that amount because they are not on the payroll. “Big businessmen don’t pay the minimum wage“he added.
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IN THE REGION
In March, the Central Reserve Bank (BCR), within its Inflation Report, revealed that although in dollars, the R.M.V. In Peru (US$267) it is lower than other countries in the region, it is because the relative income level of each country is not taken into account.
“A more appropriate comparison would be in relation to the GDP per capita, which measures the GDP divided by the population of a country. In Peru the minimum wage represents 40% of the monthly GDP per inhabitant, a value that is close to the median of the sample (46%). For its part, when comparing the ratio between the minimum wage and the average income for the countries in said sample, Peru is also close to the median (57%)”, he specified.
In addition, he specified that in June 2023 a report was published revealing that Peru’s minimum wage was 60% of the average income in 2022, above what was recorded in Chile and Mexico. “A minimum wage level close to the average income could mean that companies or activities with low levels of productivity become less viable and, therefore, fewer workers are hired formally,” he adds.
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