2024-01-20 02:59:53
Costa Rica once again leads the ranking of the best minimum salaries in 2024. Photo: composition by Fabrizio Oviedo/La República/RTVE
How much do they earn monthly in other South American countries? This is one of the questions we ask ourselves when starting a job or looking for a new one. Bloomberg Línea shares the minimum wage ranking in Latin America to have a clearer picture. Second place is occupied by a nation in the region, whose minimum wage did present an increase compared to 2023.
First place was obtained by Costa Rica with 687 dollars; that is to say, 37 dollars more in contrast to the past ranking. Regarding Peru, It is neither in the top 5 nor in the top 10. Taking into account these latest results, the Peruvian nation fell one place, it is surpassed by Brazil and Colombia, countries that did rise.
Which country in South America has the best minimum wage?
This is Uruguay with 570 dollars. This country also presented an increase of 20 dollars compared to last year. It is the best in South America and the second outstanding in the Latin American region, according to the Bloomberg Línea ranking.
With Costa Rica (first place) and Chile (third place), Uruguay also has the best figures in four points: basic food basket, cost of transportation, energy and housing rental, as explained by BBC News Mundo.
It must be remembered that Uruguay is one of the countries with the lowest poverty rate and highest costs of living in Latin America. Furthermore, public education is free. Even, according to the World Bank, its middle class is the largest in the region.
The 5 countries with the best minimum salaries in South America
This is the ranking presented by Bloomberg Línea. Peru was ranked 14th in Latin America and 8th in South America.
- Uruguay: 570 dollars (22,268 Uruguayan pesos)
- Chile: 521 dollars (460,000 Chilean pesos)
- Ecuador: $460 (uses mostly US currency)
- Paraguay: 367 dollars (more than 2 million Paraguayan guaraníes)
- Bolivia: 342 dollars (2,362 bolivianos).
Ranking of minimum salaries in Latin America. Photo: Bloomberg Line
The South American countries with the worst minimum wage
The Statista report places Venezuela in last position, with a minimum payment of only US$3.61. For its part, the second nation in the southern region of America with the lowest salary is Argentina (US$152), while Peru is ranked as the third country in South America with the worst salary (US$277).
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