Labor Information Newsletter | New Minimum Monthly Income amount starting May 2023 (retroactive)
As expected, yesterday the readjustment of the minimum monthly income (IMM) was approved by the Chamber of Deputies starting in May 2023.
Next, we share with you the most relevant axes of the readjustment.
1) New monthly income:
Starting May 1, 2023, the new minimum monthly income for workers over 18 years of age and under 65 years of age will be $440,000; Starting September 1, 2023, the indicated amount will rise to $460,000 for the same group of workers; finally, starting July 1, 2024, the minimum monthly income will be $500,000.
2) Increase due to accumulated CPI variation:
In the event that the accumulated variation experienced by the CPI exceeds 6% in a period of 12 months to December 2023, in January 2024 for workers over 18 years of age and under 65 years of age, the minimum monthly income will be $470,000. .
For more information, you can read the following newsletter prepared by our BSO team.