The Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers placed the price of the Food Basket in Caracas at US $ 340.21 for the month of October. In that sense, a Venezuelan would require 156 minimum wages to buy a basic food basket.
2. Argentina
The minimum wage in Argentina is located at $ 31,938 Argentine pesos, which at the official exchange rate is approximately $ 300. But when taking the blue dollar as a parameter, the figure drops to US $ 155. In February, thanks to an agreement signed in 2021, the minimum wage will reach $ 33,000, reaching a year-on-year increase of 52.7% during 2021 with a revision for March, thus slightly exceeding inflation.
However, the latest data on the basic food basket (CBA) registered an increase of 2.6%. In order not to fall into a situation of indigence, a family of two adults and two school-age children need $ 31,724, that is, practically the equivalent of a current minimum wage. In a total basket, a family of four needs more than two minimum wages.
4. Peru
Since March 21, 2018, the minimum wage in Peru amounts to 930 soles per month, which is equivalent to an approximate of US $ 233.4 (taking an exchange rate of 3.98 soles per US $ 1). It is currently below the minimum vital remuneration of countries such as Panama (US $ 268), El Salvador (US $ 243) and Colombia (US $ 273). According to the National Institute of Statistics and Informatics of Peru (INEI), the country’s minimum wage is not enough to pay a basic family basket, since it amounts to 1,440 soles per month.
5. Ecuador
The minimum wage this year is US $ 425 in 2022. According to the National Institute of Statistics and Censuses of Ecuador, the cost of a basic family basket (of four members) is US $ 715, so at least two people should earn a minimum wage in the country to be able to meet the cost of these products and services for a family.
Which countries are in the best position
According to the same report prepared by the journalist Leidys Becerra, Chile, Ecuador, Brazil, Mexico and Panama made it possible for workers to access basic products.
In the case of Chile, since May 1, 2021, the minimum wage is 337,000 Chilean pesos, about US $ 395.98 (taking an exchange rate of 851.77 pesos for US $ 1) for people between 18 and 65 years old, while that the minimum income for those who are not in that age range is $ 251,394 (US $ 295.39). According to the Chilean Ministry of Social Development, A basic food basket for one person has a cost of 50,071 Chilean pesos, so a minimum wage is enough to pay 6.7 of them.
In Brazil, the value of the minimum wage in Brazil in 2022 is R $ 1,212.00, compared to R $ 1,100.00 the previous year. In dollars, the value would be US $ 214. For wages linked to the minimum wage, the daily and hourly reference values will be R $ 40.40 and R $ 5.51, respectively.
Colombia will start 2022 with good news. The increase in the minimum wage in Colombia for 2022 is the highest in the country in the last 40 years in real terms and will be located at $ 1 million Colombian pesos, about $ 244.41 (taking an exchange rate of 4,064 , 83 pesos for u $ s1). However, it will remain below the current minimum wages of countries in the region such as Uruguay, about US $ 406; Paraguay, about US $ 335 and Bolivia, about US $ 314. Taking into account the data of the Basic Food Basket of the National Administrative Department of Statistics (DANE), the current minimum wage would reach two basic food baskets, without taking into account other essential goods such as housing or public services.
By last, Panama will begin the second half of January with new increases to the minimum wage. Panama has two main regions for the minimum wage, as well as several segments. However, the range is $ 326.56 for small business employees and $ 403 for large business employees. According to the Authority for Consumer Protection and Defense of Competition (Acodeco), the costs of the lowest basic basket range between US $ 253.66 and US $ 260.71. The highest reaches $ 318. In this sense, with a minimum wage, at least one basic basket is guaranteed.
The Mexico case
Mexico has a minimum wage of 172.87 pesos per day for this 2022. With the general minimum wage, which in 2022 is 172.87 pesos per day and 5,258.12 pesos per month, about US $ 256 (taking an exchange rate of 20.51 pesos for US $ 1 ), people will be able to increase the consumption of some basic products but not to buy other basic necessities such as household gas.
Source From: Ambito
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