MINIMUM AND AVERAGE SALARY IN CHILE
Chile is a picturesque country with a stable economy, located in the southwest of South America. It is washed by the waters of the Pacific Ocean and borders with Argentina in the east, Peru in the north, and Bolivia in the north-east. The population of the country is 19.6 million people.
The Chilean authorities pursue a rather competent economic, fiscal and social policy, which allows attracting foreign investors and qualified labor migrants to the country, as well as building foreign trade relations. Next, let's find out what is the salary in Chile in 2024.
Minimum salary in Chile
According to the Chilean government, the official minimum wage in Chile in 2024 is 460,000 pesos per month for people over 18 and under 65 years of age, and 343,150 pesos for people under 18 and over 65 years of age. In U.S. currency at the current exchange rate is 515 and 385 dollars per month, respectively. The rates are valid from January 1, 2024.
Important. Chile's minimum wage adjustment was due to the fact that accumulated inflation for the 12 months of 2023 exceeded 7%.
According to the Labor Code of Chile, the standard working week in the country is 5-6 days and should not exceed 45 hours. Every Chilean employee can expect to be paid at least the minimum wage established by law. Compared to last year, the minimum wage in Chile has increased by 50,000 pesos, equivalent to 55 dollars.
Average salary in Chile
The average salary in Chile in 2024 is 6,667 pesos per hour, which corresponds to 7.5 U.S. dollars. At the rate of 45-hour working week, annually Chilean workers receive 15,600,780 pesos ($17,450) and 1,300,065 pesos ($1,455) per month. In terms of average wages, Chile ranks first in South America. By comparison, Brazilian workers earn an average of $600, while Uruguayan and Argentine workers earn $960 and $555, respectively.
Note that compared to 2023, the average wage in Chile shows a slight increase – 505 pesos. The most highly paid professions in Chile are related to finance and management. Here, annual salaries can reach 130-150 thousand dollars per year. In addition, above the national average salary in the Chilean capital – Santiago. For example, doctors receive about 75 thousand dollars per year.
In conclusion, the income tax rate in Chile ranges from 0 to 40%. Unemployment is kept at 8-9%.
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