New minimum wage in Chile $450

New minimum wage of $450 comes into force in Chile

R. Gelfenstein - A new historic increase in the minimum wage came into force on Monday in Chile, reaching 400,000 pesos (450 US dollars) after the increase agreed in May after the agreement between the Government and the Single Confederation of Workers (CUT).

"The possibilities of recession in both Europe and the United States have seriously affected the economy, the increase in fuel prices due to the war in Ukraine or the policy of closing cities in China have caused a significant drop in the expected price of copper, therefore, we must take all this into account when making decisions of these characteristics, "- said Chilean President Gabriel Boric.

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This is the largest increase in the minimum wage recorded in the last 23 years, set after talks between the Executive and the largest union in the country that put Chile at the forefront of Latin America, although still far from the main member countries. . of the Organisation for Economic Co-operation and Development (OECD) on the subject.

"This year and next, economic conditions will be difficult due to factors beyond the control of our government that we have not addressed in Chile," the president said.

Economic aid provided by the Chilean government to alleviate the impact of the pandemic, along with early withdrawals from pension funds, significantly boosted consumption last year, adding to the effects of the war in Ukraine, experts say.

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