Our country has the highest minimum wage in Latin America in 2024 according to a list published by Statista at the beginning of the month, based on data from Bloomberg.Of the 17 countries analyzed, Costa Rica registers the highest amount with $687 per month.Although the increase authorized for this year is relatively low (1.83%), Ticos maintain the highest minimum wage in the region for the third consecutive year.
Currently, the monthly salary is above ¢358 thousand for unskilled occupations, ¢463 thousand for specialized occupations; ¢638 thousand for a university graduate and more than ¢765 thousand for a university graduate, according to the 2024 salary list established by the Ministry of Labor for the first semester of the year.
This positions the country above Uruguay and Chile, both with an average minimum wage greater than $500.On the other hand, despite having one of the highest increases (20%), Mexico has a minimum wage of $7,468 MX, which is equivalent to approximately $440.
Venezuela rock bottom
Peru ($277), Dominican Republic ($245) and Argentina ($152) are in the last positions, while Venezuela has an extreme difference with the rest of the nations with a minimum wage of 130 bolivars, which is equivalent to less than $4 approximately. These estimates are based on nominal values, that is, they are not adjusted based on the purchasing power or cost of living of each country.
The minimum wage is a remuneration that must be paid by law to any person who performs work activities at a specific time, according to the International Labor Organization.It is established with the objective of against paying low wages.
The highest minimum wages in latin america in 2024:
Position Country Monthly salary in dollars
1 Costa Rica 687
2 Uruguay 570
3 Chile 521
4 Ecuador 460
5 Mexico 440
6 Guatemala 417
7 Paraguay 367
8 El Salvador 365
9 Bolivia 342
10 Colombia 335
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