The government defined a new increase for the vital and mobile minimum wage (SMVM). It will be a rise of 20% between December and March. In this way, it will go from the current $57,900 to $61,953 in the last month of the year.
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As confirmed by sources from the Ministry of Labor to TN, a rise will be applied to be paid in four installments. Specific, will mean an increase of 7% in December, 6% in January, 4% in February and 3% in March.
Thus, the rise in the minimum wage represents a 110.5% rise from April 1 of this year until the end of March of next year. In addition, in the event that the inflation rates exceed that percentage, the Council would be convened again to define a new amount.
In August, the agreement was to bring the salary for November to $57,900: the update of the minimum wage was 21% in three 7% tranches for the September-November quarter, with a review clause of the agreement that last month, so that having became 51,200 pesos in September, from 54,550 in October and of 57,900 pesos in November.
Increase in the Minimum Wage: the impact it has
The Minimum Wage impacts more than six million formal workers and serves as a parameter for informal workers (40% of the total).
It also affects the Empowering Work plan and is equivalent to half a SMVyM for four hours a day of labor compensation and the Accompanying Program, aimed at victims of gender violence.
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The SMVyM also has an impact on the initial teacher salary (which by law must be at least 20% above the minimum wage) and retirements, since its evolution determines the differential value of the basic retirement with 82% mobile of those with more than 30 years of contributions.
News that is being updated.-