The current minimum wage is $460,000 pesos, after its last update in September 2023. A next increase in the minimum wage is expected on July 1, when an increase in this amount is scheduled.
Find out how much the minimum wage will be in July
The minimum wage has reached $500,000, as promised by the Government. However, it is anticipated that after this recent wage increase, there will be another increase that could take the minimum wage beyond five hundred thousand pesos.
Upcoming minimum wage increases
In accordance with the law on the gradual increase of the minimum wage, in force since May 2023, The next salary increase is scheduled for July 1, rising to $500 thousand pesos.
Finally, a final increase may be recorded, but it will be subject to the variation of the Consumer Price Index (CPI) between July 1 and December 31, 2024. The final increase in workers’ monthly income will therefore be determined on 1 January 2025.
It is important to mention that this year there was no such increase, given that the Consumer Price Index (CPI) accumulated during the year 2023 did not exceed 6%. As a result, the anticipated $10,000 increase at the beginning of the year did not occur.
Bonuses that would increase with the updated salary
The increase in the minimum wage also causes an increase in various economic benefits provided by the State. Specifically, the Family and Maternal Allowance, as well as the Grace Pension, will be the benefits that will increase after the increase in the minimum wage.
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