LatinNews Daily - 03 January 2023

In brief: Chile’s minimum wage increases

* Chile’s monthly minimum wage has risen to Cl$410,000 (US$482), an increase of Cl$10,000. This follows an agreement reached in April between President Gabriel Boric’s government and the country’s largest trade union, Central Unitaria de Trabajadores (CUT), which was passed by decree the following month. The decree stipulated that the minimum wage would rise from Cl$350,000 to Cl$380,000 in May 2022 and to Cl$400,000 in August. The decree also stated that the minimum wage would rise to Cl$410,000 in January 2023 if annual inflation closed the year above 7%. According to Chile’s national statistics institute (INE), annual inflation stood at 13.3% in November 2022, with experts predicting it would close the year at around 12%.

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