QCOSTARICA — Costa Rica has the highest minimum wage in Latin America in 2024 according to a list published by Statista, based on data from Bloomberg.
Of the 17 countries analyzed, Costa Rica registers the highest amount with $687 per month.
Although the increase authorized for this year is relatively low (1.83%), Ticos have the highest minimum wage in the region for the third consecutive year.
Currently, the monthly salary is above ¢358,000 for unskilled occupations, ¢463,000 for specialized occupations; ¢638,000 for a bachiller universitario (university graduate) and more than ¢765,000 for a licenciado universitario (university graduate with a specialty, ie lawyer), according to the 2024 salary list established by Costa Rica Ministry of Labor for the first semester of the year.
This positions the country above Uruguay and Chile, both with an average minimum wage greater than US$500.
Read more: Costa Rica has the highest minimum wage of Latin American in 2023
On the other hand, despite having one of the highest increases (20%), Mexico has a minimum wage of MX$7,468, which is equivalent to approximately US$440.
Peru (US$277), Dominican Republic (US$245) and Argentina (US$152) are in the last positions, while Venezuela has an extreme difference with the rest of the nations with a minimum wage of 130 bolivars, which is equivalent to less than US$4 approximately.
These estimates are based on nominal values, that is, they are not adjusted based on the purchasing power or cost of living of each country.
The minimum wage is a remuneration that must be paid by law to any person who performs work activities at a specific time, according to the International Labor Organization (ILO).
It is established to protect workers against being paid low wages.
The highest minimum wages in Latin America in 2024:
- Costa Rica, US$687
- Uruguay, US$570
- Chile, US$521
- Ecuador, US$460
- Mexico, US$440
- Guatemala, US$417
- Paraguay, US$367
- El Salvador, US$365
- Bolivia, US$342
- Colombia, US$335
