The Government has announced a virtual meeting for the Minimum, Vital and Mobile Salary Council (SMVM) on July 18 at 2:30 p.m. The Council, which was originally scheduled to meet in June, brings together representatives of employers and unions to determine the value of the SMVM and unemployment benefits. If no agreement is reached, the Government will make the final decision.
The last SMVM value was set in May, but questions have arisen about whether a new value will be set for July or if it will be retroactive to June. At previous Council meetings, the Government had to set minimum wage values due to lack of agreement between business and union representatives. In January, the Ministry of Labor set a monthly value of $180,000 or $900 per hour for February, and $202,800 or $1,014 per hour for March. The minimum wage for April was set at $221,052 for monthly workers and $1,105.26 per hour for daily workers, representing a 9% increase from March. In May, the SMVM rose to $234,315.12 for monthly workers and $1,171.58 per hour, a 6% increase from April.
Inflation in May was 71.9%, while the SMVM increased by 50.2%, resulting in a 12.7% deterioration in purchasing power. The minimum wage impacts registered monthly or daily wage workers directly and indirectly influences unregistered or informal workers as well as retirees with 30 or more years of contributions who are entitled to 82% of the SMVM
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