For July 1, 2024, a increase in the minimum wage in Chile, reaching $500,000. However, according to the law, there is a sector of the population that will not be able to benefit from this increase.
The promise to raise the minimum wage to $500 thousand It was one of the campaign proposals of the current president, Gabriel Boric, before taking office at La Moneda.
In accordance with the latest regulations that regulate the minimum wage, This could experience another increase on January 1, 2025, based on the accumulated variation of the Consumer Price Index (CPI) between July 1 and December 31, 2024.
Check who will not have their minimum salary raised to $500 thousand in July
As established by law, as of July 1, 2024, the minimum monthly wage in Chile It will be increased to $500,000 for all workers over 18 years of age and up to 65 years of age. who are hired under the Labor Code.
It is important to remember that Since 2008 the law stipulates that a worker’s base salary cannot be less than the minimum wage, except for those workers exempt from completing a specific work day.
Therefore, those workers who will not experience the increase in the minimum wage to $500 thousand Next July they are:
- Those who already earn more than $500 thousand as minimum monthly income.
- Workers over 65 years of age or under 18 years of age
- Those who do not have a contract under the Labor Code or with informal employment.
Currently, the Workers over 65 years of age or under 18 years of age receive a minimum wage of $343,150. However, next July, this will increase proportionally, but will not reach $500,000.
When will the minimum wage rise again?
Beyond a potential new rise linked to the CPI, There is no set date for the next increase in the minimum wage in Chile.
What is clear is that next April, The President must present to Congress a bill with a new adjustment of the base salary, in accordance with the agreement reached with the Unitary Central of Workers (CUT).
