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 19.4 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 2022.
Minimum salary in Chile
According to the Chilean government, the official minimum wage in Chile in 2022 is 337,000 pesos per month for people over 18 and under 65 years of age, and 251,394 pesos for people under 18 and over 65 years of age. In U.S. currency at the current exchange rate is 420 and 315 dollars per month, respectively. The rates are valid from March 1, 2021.
Important. In November 2019, the President of Chile sent to Congress a bill to raise the minimum wage to 470 dollars per month.
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 10,500 pesos, equivalent to 13 dollars.
Average salary in Chile
The average salary in Chile in 2022 is 5,420 pesos per hour, which corresponds to 6.8 U.S. dollars. At the rate of 45-hour working week, annually Chilean workers receive 12,682,800 pesos ($15,840) and 1,056,900 pesos ($1,320) per month. In terms of average wages, Chile ranks first in South America. For comparison, Brazilian workers receive an average of $460, the Uruguayan and Argentinian $810.
Note that compared to 2021, the average salary in Chile shows a slight increase – 5,409.6 pesos on July 1 and 5,385 pesos on April 1. 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, we note that the income tax rate in Chile varies from 0 to 35.5%. Income less than 656,032.5 pesos per year is not subject to taxation. At a maximum rate of 35.5% are subject to annual income over 5,831,400.01 pesos. Unemployment in Chile is kept at 7–8%.
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