Labor Information Newsletter | Increase in Minimum Monthly Income (IMM)

We want to remind you that Law No. 21,578 (published in the Official Gazette on 05/30/2022), in its article 1, establishes that, as of September 1, 2023, the minimum income for workers over 18 years of age and up to 65 years of age It is $460,000.

Thus, the next increases in the minimum wage correspond to:

January 1, 2024: only if the Consumer Price Index (CPI) for all of 2023 is greater than 6%, will it rise to $470,000. If the percentage is lower, the current $460,000 will remain
July 1, 2024: regardless of the CPI, it will increase to $500,000
January 1, 2025: readjusted according to the variation accumulated by the CPI between July 1, 2024 and December 31, 2024
Did you know that, by increasing the minimum income, the bonus limit also increases (4.75 IMM)?