Income evolved in October above that recorded in the same month last year, while inflation is on the decline.
He real salary continues to evolve clearly above what was recorded last year, to the extent that the inflation has fallen to its lowest levels in 20 years, while salary adjustments exceed the inflation rate by several points, as reported today by the Statistics National Institute (INE).
He Average Salary Index (IMS), which is the average of the formal salaries in the economy (both state and private), was 9% above its level a year ago in October. Given that the inflation in the period was 4.3%, which results in an increase in real salary average of 4.6%. For State workers, the real annual increase was 5.1%, while for the rest of the workers the average increase was 4.3%.
If it is compared with the month of October 2019 – the year before the pandemic -, the real salary It is today 1.2% above, reaching a new record for the month of October in almost 50 years. In the annual accumulated, the increase is 3.6% in the first 10 months of 2023 compared to the same period in 2022.
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Salaries by sector
During the end of the pandemic, important differences were recorded in the salary evolution between the different sectors, with the construction that kept the wages, while sectors such as trade and restaurants and hotels They had significant falls, which took time to recover. But this year those differences seem to have equalized and the increase in real wages is widespread and important in all sectors.
Precisely, the largest real annual increase was recorded in the sector restaurants and hotels with 6.1%, followed by the sector health (5.7%) and the construction with him (5.4%). This sector has also managed to sustain employment levels despite the fact that the major works linked to the construction project have been completed. UPM 2, for the boost in housing construction and road construction. In the manufacturing industry, the real annual increase in wages was 4.3%.
Measured in dollars, salaries in Uruguay They are among the highest in the region. In the last year, the average salary in dollars of formal workers rose 13% and in American currency doubles the level recorded 15 years ago.
This strong increase in international comparison is a strong challenge in terms of competitiveness, because it results in an increasingly higher cost for the exporting companies that compete in the global market and also for companies that compete with imported products and services in the local market.
Source: Ambito
