In Chile, the minimum wage It already experienced a significant increase during 2024, but a new readjustment is looming for the beginning of 2025. This process is part of the current law that seeks to maintain the purchasing power of workers, especially in the face of economic fluctuations. The recent increase, which raised the minimum wage from $460,000 to $500,000 in July of this year, benefited a wide swath of workers between 18 and 65 years old.
The next minimum wage adjustment is scheduled for January 1, 2025. This increase It will be determined automatically based on the Consumer Price Index (CPI), a key indicator that measures the variation in prices of goods and services in the country. The CPI for the months of July to December 2024 will be taken into account to define how much the minimum wage will rise next year.
Although the exact amount of the next increaseit is likely that an increase will be seen if the CPI reflects a positive variation in that period. This means the minimum wage could continue to rise, helping workers cope with rising prices and maintain their purchasing power. The National Institute of Statistics will be in charge of reporting on the variation of the CPI, a key data for determining the new salary.
Currently, in addition to the minimum wage of $500,000 for people between 18 and 65 years old, there are other amounts for specific groups. For example, workers under 18 years old or over 65 years old receive a minimum salary of $372,989. There is also a differentiated amount of $322,295 that is applied for non-remunerative purposes, which covers situations such as allowances or subsidies.
He increase recent, which occurred in July 2024, positively impacted around 800 thousand workers throughout the country. These periodic readjustments are essential to ensure that salaries do not lag behind inflation and other economic factors that affect the cost of living. The wage readjustment law in Chile is proposed as a tool to reduce inequality and improve the quality of life of workers.
