Expectations rise for the increase in the minimum wage in Peru for 2024.

The expectation regarding the increase of the minimum wage in Peru for the year 2024 is a topic that keeps many workers on edge, who are hoping for an improvement in their incomes. In her speech on July 28, President Dina Boluarte announced that an increase is expected during the last quarter of this year, a statement that was received with relief and optimism by the public. Additionally, the president mentioned the convening of the National Council for Labor and Employment Promotion, which would open the door to negotiations regarding the increase of the minimum vital salary. On August 12, the National Council for Labor held its first meeting to begin discussions on this increase. The Minister of Labor and Employment Promotion, Daniel Maurate, indicated that within 30 days, this commission must present a proposal to be discussed in the next session scheduled for September. This process is crucial, not only due to the need for an increase but also for the importance of establishing a consensus among all parties involved: employer unions, labor unions, and the government. Maurate also emphasized that the increase in the minimum wage is not a decision that can be made lightly. A technical analysis is necessary, taking into account the situation of micro and small enterprises, which could be adversely affected by a sudden increase in salaries. According to his statements, an excessive increase could heighten labor informality, a persistent problem in the country that already affects a large part of the working population. For its part, Congress has proposed a law that seeks to modify the Minimum Vital Remuneration (RMV) to S/ 1,545, which would represent a significant increase over the current minimum wage of S/ 1,025. However, Minister Maurate warned that such an increase could only be realized through a consensual agreement in the National Council for Labor. The economic context of the country also plays an important role in this discussion. The Minister of Economy and Finance, José Arista, indicated that any debate about an increase must wait for economic indicators, such as Gross Domestic Product (GDP), to improve. Current projections suggest that the country could be on the path to recovery, which allows the discussion of a wage increase to gain relevance in the second half of the year. The situation of Peruvian workers is urgent, especially in a scenario of inflation and loss of purchasing power. The Ombudsman, Josué Gutiérrez, has emphasized the importance of evaluating this measure in a context where current salaries are insufficient to cover basic needs. Maurate agrees that the increase must go hand in hand with broader goals, such as reducing unemployment and labor informality, and cannot be driven by political interests. The government has been under pressure to address these issues, especially after mobilizations in the health sector that resulted in increased remuneration for professionals in this field. The approval of this salary improvement undoubtedly sets a precedent for the expectations that other labor sectors have regarding the increase of the minimum wage. The last adjustment of the minimum wage in Peru took place in May 2022, when it was increased from S/ 930 to S/ 1,025. Since then, workers have faced a complex economic environment, exacerbated by climatic phenomena and social protests. This has led many to question whether the increase expected for the end of 2024 will be sufficient to alleviate their economic situation. As the National Council for Labor meets and discusses, the hope for an increase in the minimum wage is combined with the need for a balanced approach that ensures the economic sustainability of the country. The coming months will be crucial in determining whether a consensus can be reached that benefits all parties involved in this labor dilemma affecting millions of Peruvians.