The government defined the provisional percentage of increase that the passivities January 2024, which are collected in the first days of February. This will be 8.39%, which is also the increase in the IMSN between January and November 2023.
For the retirements and minimum pensions, however, the adjustment will be less. This is because they already received a 3% advance in July, which will be deducted from the announced increase. Therefore, the effective variation to be collected will be 5.39%.
The Constitution establishes that retirements and pensions will be adjusted with the nominal wages. In this regard, article 67 establishes that “the adjustments to retirement and pension allowances may not be less than the variation of the Average Wage Indexand will be carried out on the same occasions that adjustments or increases are established in the remuneration of officials of the Central administration”.
The final percentage of the adjustment will be set in January, when the IMSN for the entire year 2023 is known. The adjustment will occur with the February liabilities, which will be collected in March.
Real wages continue to improve
He National Institute of Statistics (INE) yesterday disclosed IMSN corresponding to November, which rose 9.13% compared to the same month last year and, given that the inflation in the period was almost 5%, the real increase in salary is almost 4% in the moving year to November, thus reaching a new historical maximum for the month of November, according to the official statistical record.
Taking the annual accumulated, that is, the first 11 months of the year, the real salary has increased 3.7% compared to the same period of the previous year, and equals the record reached in 2019. To this we must add that in 2023 the rate of employment average is 1.3 points above that recorded in that year prior to the pandemic.
The increase in the real salary It is due – to a large extent – to the official policy of establishing a recovery process after the post-pandemic salary drop and bringing salaries to the levels prior to the arrival of the virus. Simultaneously, the Central Bank of Uruguay (BCU) has defined a contractionary monetary policy that pushed back the inflation.
In this way, with increasingly higher nominal wages, and a inflation which is decreasing, the real salary shows particularly strong progress in the last year, reaching new records.
Source: Ambito
