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Julio Velarde on the increase in the minimum wage: “You have to be prudent”

After learning that at the beginning of next year the increase in the Minimum Vital Remuneration (RMV) will be debated in the National Labor Council, the president of the Central Reserve Bank of Peru (BCRP), Julio Velarde, indicated that this should be taken with caution.

“One has to be prudent in these increases and studying the levels of productivity and how many it is excluding, and recognizing that it is only going for a fairly small part,” he emphasized.

In this sense, he stressed that the RMV is almost 55% of the average salary in Peru, while in countries such as the United States and Japan, it oscillates at just over 20%.

“If S / 70 were increased, which is what is being discussed, those between S / 930 and S / 1,000 are around a little more than 10% of the formal population. Most of it is above that, ”he noted.

In addition, the banker argued that the increase in the RMV would be harmful to small businesses. “It is not that they are firing people, but that they will go informal. Who was on the payroll becomes black. One has to increase the salary with prudence ”, he concluded.



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