Most Latin American countries have defined the minimum wage that their workers will receive in 2024. In the case of Ecuador, it is set at $460, making it the fourth highest salary in the region.

The minimum wage corresponds to the amount that the employer must pay his workers at least for the development of the activity in a certain time, which is one month. 90% of countries in the world have a minimum wage. In Latin America, Mexico was a pioneer by establishing it in 1917, while Peru was one of the last countries in the region to include it in its Constitution in 1962, according to the ILO.

The purpose of setting the minimum wage is to protect workers from being paid unreasonably low wages.

In some cases, the salary is supplemented with other bonuses such as transport or food.

At the regional level, there are countries that define the increase during the current year, while others are evaluated after several years of freezing.

The variation of our own currencies with the dollar causes them to rise or fall in line with the international market. These are the current salaries in the region for 2024:

Argentina

December 2023: 156,000 Argentine pesos ($192.06)

In January, the Salary Council should meet, which would define a new increase in that month. The Minister of Labor predicted that the increase would be significant.

Bolivia

May 2023: 2362 Bolivianos ($341.82)

The new increase has not been announced, but could be set for next May.

Brazil

January 2024: 1,412 reais ($290.06)

The Minister of Labor and Employment, Luiz Marinho, confirmed that the current salary will be increased by 92 reais and that it will take effect on January 1st.

Chili

December 2023: 460,000 Chilean pesos ($516.52)

There is a possibility of an increase of 10,000 Chilean pesos in case the accumulated inflation exceeds 6%. However, by July 2024, the salary will be 500,000 Chilean pesos.

Colombia

January 2024: 1,300,000 Colombian pesos ($333.18)

President Gustavo Petro ordered the increase, which took effect in 2024.

Costa Rica

January 2024: 358,609.50 colones ($688.96)

The increase was defined from last October, which took effect in January.

Cuba

Year 2021: 2,100 Cuban pesos ($87.42)

No known increase

Ecuador

January 2024: $460

The government of Daniel Noboa announced an increase in the minimum wages of workers by ten dollars.

Savior

August 2021: $365

Salary revision is carried out every three years, so it is expected that the adjustment will be made in 2024.

Guatemala

January 2024: 3634.59 Quetzals ($464.61)

On December 19, the government announced a salary increase in two constituencies that will take effect in January.

Honduras

February 2023: 8134 lempires ($329.44)

In the first half of January, negotiations for the New Year salary increase are expected to continue.

Mexico

January 2024: 7,468 Mexican pesos ($441.31)

In mid-December, a new salary was determined; at the northern border, 11,246 pesos per month ($664.56) will be paid.

Paraguay

July 2023: 2,680,373 Warrants ($368.87)

In July of each year, a new minimum wage is determined according to the annual consumer price index and its impact on the economy.

Peru

May 2023: 1025 sols ($275.98)

In the first quarter of 2024, a continuation of the discussion on a possible salary increase in the South American country is planned.

Dominican Republic

February 2024: 14,232 Dominican pesos ($243.90 USD)

In March 2023, wage increases were announced in several sectors in two phases, which will be completed in February 2024.

Uruguay

January 2024: 22,268 Uruguayan pesos ($565.90)

In mid-December, the Uruguayan authorities approved the increase.