When will the minimum wage increase and by how much?
Minimum wageComments

The bill is currently being discussed in the Senatethen check how much the minimum wage would increase and when it would take effect.

© Agency OneWhen will the minimum wage increase and by how much?

A few weeks ago the government of Gabriel Boric announced that he would make a significant increase in the minimum wage in our country, which is currently $350,000.

The bill was urgently submitted to Parliament and last week it was already approved in the Chamber of Deputies. During these days the law initiative It has been discussed in the Senate, and it is expected that in the next few days it can be approved to become law..

This project also includes a Subsidy for the Basic Family Basket, which will be paid between May and December and whose amount will be determined based on the increase in the cost of the basket in its last 12 months.

Also, the project includes a subsidy of $22 thousand between May and December for Mipymes for each worker they have with the current minimum wage, so that the increase in their expenses is not so abrupt.

When will the minimum wage increase?

Parliament is moving through the bill so quickly because the idea is that this same month of May there is already a first increase in the minimum wagewhich would then be raised again in August.

How much will the minimum wage go up each month?

  • May 2022: The minimum salary will be $380 thousand.
  • August 2022: the minimum wage will reach $400 thousand.

Likewise, in the event that annual inflation in December of this year is greater than 7%, the minimum wage will be $410,000 as of January 2023.

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