With the rise in inflation, the federal government has already started reviewing the minimum wage estimates for the coming years, adjusted according to the INPC (National Consumer Price Index).
Note that, in recent days, Congress presented the 2023 Budget Guidelines Law (PLDO) to the government. Thus, informing the government that, according to the Constitution, the revision of the minimum wage must be equal to or greater than the inflation rate measured by the INPC.
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In Brazil, the minimum wage is a reference for a large part of the country's population, of more than 60 million, including INSS workers and insured persons. So, understandably, the magnitude of the impact of any readjustment is also significant. Positive or not, Brazilians feel the impact one way or another.
The minimum wage is the minimum amount a company must pay its employees by law. In addition to meeting their basic needs, the predetermined value is expected to maintain citizens' purchasing power.
Salary projections for the coming years
The federal government, last month, forwarded to the National Congress the Bill of Guidelines (PLDO), which gathers information such as expenditures for 2023, in addition to a minimum forecast national. The document also contains possible readjustments in 2024 and 2025.
As the federal government expects inflation to be 6.70% by the end of 2022, the minimum wage in 2023 should be readjusted to 6.70%. Thus, if the estimates are confirmed, the national minimum wage will jump from 1,212 reais to 1,294 reais, leaving 82 reais added.
The minimum wage in 2024 is estimated at around 1,337 reais and in 2025 it will be 1,378 reais. Both are based on inflation projections and how the Brazilian economy will develop.
Estimates to maintain an organization
It is important to note that the minimum wage for 2023 will only be defined in early January of next year. The national result for 2024 will be determined at the start of the relevant year, and so on. As such, these numbers should not be taken for granted.
The Ministry of Economy, in collaboration with bodies such as the Central Bank, makes monthly estimates of the minimum wage to prepare for the following cycles. With this, it is possible to have an idea of how much money can be invested in each area without making major changes.