2024-02-21 13:18:50
The national government made it official that The minimum, vital and mobile wage will be $180,000 in the month of February and $202,800, from March. This was published today in the Official Gazette through Resolution 4/2024, signed by the Secretary of Labor, Employment and Social Security, Omar Yasin.
The Government measure will represent in March an increase of 30 percent, in two payments, in the Minimum Wage taking into account the salary corresponding to January, set at 156,000 pesos. The amount is far from compensating for quarterly inflation that is around 60 percent.
The first article of the standard published today also establishes that The minimum amounts per hour for daily workers will be “900 pesos in February, and 1,014 pesos, from March.”
Increase by decree
The government decision was known five days after the Wage Council meeting failedwhere the labor confederations had demanded an 85% increase that would take the minimum wage to 288,600 pesos next March.
The Salary Council, which is made up of representatives of the national Government, the business chambers and the union centres, had met last Thursday, but they did not reach an agreement on the increase that should be applied to the Minimum Wage.
After finishing the meeting, the CGT denounced that the Government had “made the meeting fail” with the “sole objective of boycotting any possibility of an agreement.”“. In a statement, the CGT indicated that together with the two CTAs it had proposed to the Council “an 85% increase over the last amount as of February 1”, which set a salary base at 288,600 pesos.
More workers will pay Income Tax
The increase in the Minimum Living and Mobile Wage (SMVM) starting in February up to $180,000 will imply that a greater number of employees in a dependency relationship pay Income Taxgiven that exceed the value established in the non-taxable minimum (MNI), today at $2,340,000 per month.
In January the minimum wage was $156,000, and it is the amount governed by law to establish the MNI, which is 15 SMVM per month, until the next update which will be next July.