Although the quality of life in a country depends on many factors, he minimum salary and the Human Development Index (HDI) They are one of the main factors when considering how better or worse the inhabitants of a country live. It is the United Nations Development Program (UNDP) that measures the HDI of nations. This indicator reflects the economic and social development of countries.
In this sense, Uruguay is the second best country in Latin America to live with the minimum wageor, as published by the regional media Infobae when crossing data from various international organizations. The local reality is fundamentally due to the fact that its minimum wage is $21,106 (around US$550), at the same time as your HDI is “very high” (0.809).
Costa Rica was ranked first. The Central American country is the one with the highest minimum wage in Latin America (US$603 a month), according to estimates from the global Statista database. In addition, Costa Rica is one of the four in the region to have a “very high” HDI, reflected the UNDP’s 2021 regional report.
ranked third Chiliwhose minimum monthly salary is US$ 475 and an HDI that is also “very high”. Ecuador and Guatemala completed the top five of the ranking which, with a salary of US$ 450 and US$ 403 respectively, also have lower human development compared to the three countries mentioned at the beginning.
Venezuela, with a US$8 salary, was last in the table. At the same time, Argentina was positioned penultimate with a contradictory reality. The neighboring country has one of the lowest incomes on the continent: US$ 189 -according to the value of its peso in January 2023-, although its HDI is “very high”. The difference between income and development is “striking”, indicated different world organizations.
mid table
Another of the countries that presents this disparity between its indicators is Mexicowhich presents a “high” HDI, while registering a high poverty due to the concentration of economic activity in specific points of the country and a minimum wage of US$ 325.
Behind Mexico was Peruwith a minimum salary of US$ 269. Then there was Brazil, with income of US$ 250; both present human development similar to the Mexican. Colombia, likewise, presents income of US$ 242, although its HDI is “high”.
Statista
Minimum wages by country.
Access to health, housing, education and services, as well as the conformation of the basic basket of countries are other variables that play an important factor when determining the impact of a minimum wage in societies. .
