In January 2020, the European Commission (EC) pushed forward the introduction of a European minimum wage, motivated by significant wage differences between member countries. Although all states except Italy, Austria, Cyprus, Sweden, Denmark and Finland have set a minimum living wage, the EC does not seek to set a specific value, but rather to agree on key criteria that all countries must meet. One of the requirements is that workers receive at least 60% of the average wage in the country.
As for Spain, it is in eighth place, falling one place compared to the 2021 Eurostat data. Although the interprofessional minimum wage (SMI) was increased by 8% to 1,080 euros, this was not enough to maintain seventh place. Currently, Spain belongs to Group II along with Slovenia and are the only two EU countries in this category.
The method used by Eurostat to calculate the annual minimum wage in the different countries of the European Union may lead to differences in salary perceptions compared to national calculations. In the case of Spain, the difference is due to the fact that Eurostat calculates the minimum amount based on 12 payments, while the Spanish government does so on the basis of 14 payments. This means that although the minimum monthly remuneration set by the Spanish government was 950 euros in 2021, Eurostat calculated it at 1,108 euros due to the division into 12 payments.
Currently, according to Eurostat, the minimum wage in Spain is 1,166.67 euros, calculated in 12 payments. Although this amount is higher than in many other European Union countries, at 2,387.40 euros it is still far from the highest minimum remuneration on the continent, which is equivalent to Luxembourg.
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Which is the country in Latin America with the highest minimum wage, higher than some countries in Europe?
This is shown by the data published by Statista Costa Rica It has the highest minimum wage in the region, although the government made an increase of just 1.83% in the last adjustment. After this increase, the minimum salary in this country will be 358,609.50 CRC dollars, that is, 678 dollars, which is currently equivalent to almost 2,700,000 Colombian pesos. They are then located Uruguay and Chilewith a minimum of $570 and $521 per month, so about COP$2,200,000 and COP$2,000,000 respectively.
- Costa Rica: With a CRC of US$358,609.50, it has the highest minimum wage in the region, which is approximately US$678 (around COP2,700,000).
- Uruguay: The minimum wage is about 570 dollars, which is about 2,200,000 COP.
- Chile: The minimum wage is about 521 dollars, which is equivalent to 2,000,000 COP.
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Ranking of Latin American countries with the highest and lowest minimum wage
Venezuela Compared to other Latin American countries, the minimum wage is significantly lower. Under the leadership of Nicolás Maduro, he has a vital minimum salary of 130 bolivars, equivalent to $3.61, about 15,000 Colombian pesos. This information is part of the full list published by Statista:
According to an analysis by the German statistics portal Statista, which measures economic indices and carries out market and opinion studies. Photo: Statista