NewsCase StudiesEvents

Minimum Salary Increases In Latin America

Also in the news...

New immigration system: what you need to know

The UK has introduced a points-based immigration system.

Preparing for the Customs Declaration Service

Find out what you need to do to prepare for making declarations on the Customs Declaration Service.

Online Business Set-Up: 5 Tips to Help Your Website Rank in the UK

If you’re setting up a new online business, having a user-friendly website and sound SEO strategy that’s tailored to your target market is important. And if you’re targeting British consumers, there are a few SEO boxes you can tick to ensure you rank well on UK-based searches and drive the right traffic back to your website.

Check if you’re established in the UK for customs

Find out whether you're established in the UK for customs purposes.

Carry out international road haulage

What UK goods vehicle operators need to do to carry out international road haulage.

Minimum Salary Increases In Latin America

Back to News

Considering the current economic situation and the high inflation levels expected for 2016, multiple countries in Latin America began the year with minimum wage increases.

The minimum wage in Mexico is now 73.04 Mexican pesos or 4.2% more than the minimum wage in 2015. This represents a recovery in the purchasing power of approximately 4.5%, considering the inflation rate for 2015 was 2.13%. The increase is the same for professional salaries and will be applicable throughout the country.

In Panama the minimum wage rose by 8.5%. The increase will be effective until December 31, 2017 and applies to all sectors except for agriculture, small business and domestic service.

Meanwhile Colombia implemented a 7% increase to fight the expected inflation rate for 2016 which is 6.3%. This means the minimum wage is now 689.455 Colombian pesos (COP) instead of 644.350 COP.

Also taking into account the expected inflation rates and intending to create more jobs, Guatemala’s government announced an increase of 4% for agricultural and non-agricultural sectors. For the maquiladora and export sectors the increase is of 3.5%.

TMF Group has the local knowledge to understand and adapt to new changes and labour regulations, such as decrees on salary raises. TMF Group can also help companies with their payroll and human resources administrative duties and with the mitigation of risks in order to avoid penalties for failure of implementation or incorrect or late implementation of the regulatory changes.



Learn more about how we can help you with your payroll administration


You are not logged in!

Please login or register to ask our experts a question.

Login now or register.