QCOSTARICA – Costa Rica has the highest minimum wage of Latin American countries analyzed by Statista in January 2023.
With an average remuneration of US$603 per month, our country is positioned above Uruguay (US$540) and Chile (US$475).
At the opposite end of the scale, Colombia, the Dominican Republic, and Argentina are in the last positions, while Venezuela has an extreme difference from the rest of the nations with a minimum wage of 130 bolivars, which is equivalent to approximately US$8.
In Colombia, there is a wage floor of 1,160,000 Colombian pesos, which is equivalent to about US$242 dollars, while in Argentina the conversion of the minimum wage of 65,427 Argentine pesos to the US currency yields only about US$189 dollars.
In Costa Rica, after the drop in the dollar exchange rate in recent days, this figure is higher, since the minimum monthly wage for workers in Costa Rica is ¢352,000 (US$625) for unskilled occupations, ¢452,000 (US$803 ) for specialized, ¢626,000 (US$1,112) for a university bachelor’s degree and ¢752,000 (US$1,336) for a university graduate, according to the list established by the Ministry of Labor for the first semester of 2023.
Read more: Colombia has one of the lowest minimum wages in Latin America
Although the national cost of living is also one of the highest in the region, this factor does not alter the analysis according to Statista.
The estimates by Statista are based on nominal values, that is, they are not adjusted based on purchasing power or the cost of living in each economy. Therefore, the comparison can often seem unfair.
On the other hand, the adjustment in the minimum wage that corresponds by law each year to the majority of workers in Latin America was not enough for countries like Mexico, which despite a 20% increase is in tenth position with US$325.
Minimum wages in Latin America in 2023