Argentina, Colombia and more: what is the minimum salary in Latin American countries in 2024?

The economies of Latin America continue to show a low growth trajectory that will accentuate in 2024 the dynamics of deceleration of the Gross Domestic Product (GDP) and employment generation. This projection from the Economic Commission for Latin America and the Caribbean (ECLAC) in its report ‘Preliminary Balance of the Economies of LA and the Caribbean’ also shows how high interest rates and inflation became two key factors for performance of wages in the region.

In this sense, during the end of the previous year, various governments made increases in minimum wages official, although their purchasing power continues to deteriorate in several Latin American countries. Below, find out what the salaries are in each AL nation, according to the Bloomberg Online portal.

Which countries increased the minimum wage in Latin America?

The minimum wage is the lowest amount of remuneration that an employer is obliged to pay workers for services performed in a given period, according to information from the National Minimum Wage Commission (Conasami). In the case of Latin America, the reduction in inflation and the increases in the minimum wage meant that in various countries there were better expectations for an economic recovery in 2024.

In that sense, Mexico It is one of the nations that registers a greater minimum wage increase, which has been applied since January 1, 2024. This time, a resolution issued by the Council of Representatives of the National Commission of Minimum Wages (Conasami) establishes the increase of 20%. That is, workers will receive 248.93 pesos per day, which is equivalent to a monthly amount of MXN$7,468. In the case of the Northern Border Free Zone, said increase is applied differently, since the payment will be 374.89 pesos for each daily shift.

Additionally, the Bloomberg Online report addresses the situation of Dominican Republic, a country in which a 19% increase will be applied in the different salaries for non-sectorized private companies. The first of them was 15% and was already effective in April of last year, and the remaining 4% will be implemented starting in February 2024. In this way, the minimum wage will go from RD$11,900 pesos to RD$14,232 pesos.

Finally, the cases of Colombia and Costa Rica. In the first of them, the government of Gustavo Petro decreed an increase for this income of 12%, which means that this income will go from COP$1 million 160,000 pesos to COP$1 million 300,000 in 2024. For its part, Costa Rica registers an increase of 1.83% by 2024, but it remains the highest minimum salary in Latin America, with CRC$358,609.50.

What is the minimum salary in Latin American countries for 2024?

According to the Bloomberg portal, 9 of the 17 Latin American countries increased the minimum wage by 2024:

• Argentina: ARS$156,000 Argentine pesos (0%)
• Bolivia: $b2,362 bolivianos (0%)
• Brazil: R$1,412 reais (+6.97%)
• Colombia: COP$1 million 300,000 Colombian pesos (+12%)
• Costa Rica: CRC$358,609.50 settlers (+1.83%)
• Chile: CLP$500,000 Chilean pesos (as of July 1, 2024)
• Ecuador: US$460 dollars (+2.07%)
• El Salvador: US$365 dollars (0%)
• Guatemala: GTQ$ 3,266 quetzales (+3.06%)
• Honduras: HNL$ 8,134 lempiras (0%)
• Mexico: MXN$ 7,468 Mexican pesos (+20%)
• Panama: US$326 (0%)
• Paraguay: PYG$ 2 million 680,373 Paraguayan guaraníes (0%)
• Peru: S/1,025 (0%)
• Dominican Republic: RD$ 14,232 dominican pesos (+19.5%)
• Uruguay: UYU$ 22,268 Uruguayan pesos (+5.5%)
• Venezuela: Bs$ 130 bolivars (0%)

What are the countries with the highest salaries in South America?

Costa Rica, Uruguay and Chile are the countries with the highest minimum wages in South America. According to figures from the Bloomberg online portal, Costa Rica leads the list with a minimum wage of CRC$358,609 (US$687); followed by Uruguay with UYU$ 22,268 (US$687), and finally Chile with CRC$358,609.50 (US$521).