The Senate approved on Tuesday the adjustment that raises the minimum wage to $553,553 retroactively from May 1.
The bill was dispatched by the Senate floor on Tuesday afternoon. The $14,553 increase will benefit around 800,000 people who receive the monthly minimum income.
The adjustment accounts for the accumulated 2.7% CPI between January and April. Labor Minister Tomás Rau stated that “the readjustment will compensate for the entire increase in the CPI” and that it will be reflected in corresponding settlements.
Rau also suggested considering a change in the effective date of the minimum wage to move it away from May 1. Another increase is scheduled for January 1, 2027, based on inflation from May to December.
