Uruguay occupies second place in the region on the scale of minimum wages in dollars in Latin America, with a value of $570 per month as a salary floor.
Since January 1, although the effects will only be seen in the first days of February, the National Minimum Wage (SMN) has an increase of 5.5%, as announced by the Ministry of Labor and Social Security (MTSS) in mid December.
With this increase, the minimum salary went from 21,107 to 22,268 pesos, with the objective of continuing to recover the real salary and the purchasing power of Uruguayans after the harsh effects of the Covid-19 pandemic on all productive and labor activity in the country.
With this increase, Uruguay consolidated itself as the second country in the region with the minimum salary —measured in dollars according to their nominal value—highest in the region, with a total of 570 dollars per month. According to data published by the consulting firm Statist, the country was only behind Costa Rica, which has a minimum salary of $687.
Beyond the important salary recovery that Uruguayan workers have been experiencing, it is also necessary to point out the deterioration of the exchange rate in favor of the peso, which also contributes to increasing the difference in nominal terms — the information does not consider the purchasing power or the cost of living of each economy.
What happened to the rest of the countries analyzed?
The top 5 countries with the best minimum wages in dollars complete it Chili, with 521 dollars; Ecuador, with 460 dollars; and Mexico, with 417 dollars per month for workers who earn the minimum.
On the other hand, the countries that are in worse salary conditions when the conversion to the US currency is carried out are Venezuela, with a minimum salary of just 3.61 dollars —130 bolivars—; Argentina, with 152 dollars—156,000 Argentine pesos—; and Dominican Republic, with 245 dollars —14,232 Dominican pesos.
In the case of Argentina, salaries have been sharply reduced in relation to the dollar after the new government, led by Javier Milei, will make a strong devaluation of the Argentine peso that made the greenback more than double the price: from being worth less than 400 pesos, it went to a value of 820 pesos in just one day.
The other countries included in the report are: Guatemala, with 417 dollars; Paraguay; with 367 dollars; The Savior, with 365 dollars; Bolivia, with 342 dollars; Colombia, with 335 dollars; Honduras, with 329 dollars; Panama, with 326 dollars; Brazil, with 291 dollars; and Peru, with 277 dollars.
Uruguay It is also the country with the best minimum wage in South Americawith a difference of 418 dollars with Argentina, which was the worst positioned nation in this area.
Source: Ambito
