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Minimum Salary Increases In Latin America
Considering the current economic situation and the high inflation levels expected for 2016, multiple countries in Latin America began the year with minimum wage increases.
The minimum wage in Mexico is now 73.04 Mexican pesos or 4.2% more than the minimum wage in 2015. This represents a recovery in the purchasing power of approximately 4.5%, considering the inflation rate for 2015 was 2.13%. The increase is the same for professional salaries and will be applicable throughout the country.
In Panama the minimum wage rose by 8.5%. The increase will be effective until December 31, 2017 and applies to all sectors except for agriculture, small business and domestic service.
Meanwhile Colombia implemented a 7% increase to fight the expected inflation rate for 2016 which is 6.3%. This means the minimum wage is now 689.455 Colombian pesos (COP) instead of 644.350 COP.
Also taking into account the expected inflation rates and intending to create more jobs, Guatemala’s government announced an increase of 4% for agricultural and non-agricultural sectors. For the maquiladora and export sectors the increase is of 3.5%.
TMF Group has the local knowledge to understand and adapt to new changes and labour regulations, such as decrees on salary raises. TMF Group can also help companies with their payroll and human resources administrative duties and with the mitigation of risks in order to avoid penalties for failure of implementation or incorrect or late implementation of the regulatory changes.
Learn more about how we can help you with your payroll administration