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Mexico with the lowest wages in the Americas second to Venezuela

In the first semester of 2018, Sinaloa was placed in the last place with the lowest annual average salary nationwide.

Since the mid-nineties, Mexico has been among the countries with the lowest wages in America and in particular the state of Sinaloa is among the entities where the most precarious salaries are paid to workers, said Ernesto Sánchez Sánchez, Research Professor of the Faculty of International Studies and Public Policies of the UAS.

Mexico with the lowest wages in America

He said that according to the salary record by federal entity of the Mexican Institute of Social Security (IMSS), in the first semester of 2018, Sinaloa was placed in the last place with the lowest annual average salary nationally.

While in the cities of Mexico and Monterrey a worker earns 162 thousand pesos per year, in the case of Sinaloa a worker barely manages to earn 94 thousand 261 pesos.

The Doctor of Social Sciences and specialist in Sociology of Labor argued that under the argument that wages could not be increased due to the risk that inflation would be unleashed, salaries in our country remained contained in the last 18 years in Mexico.

He noted that of the 53 million that make up the economically active population in our country, 48% that are 25 and a half million earn from 1 to 3 minimum wages, which represents a figure slightly above 5 thousand pesos a month, which barely reaches for half the basic basket.

Sanchez Sanchez established that within what is the informal market of employment in Mexico there are atypical jobs such as those performed by waiters, cooks and domestic employees in which there are no signed contracts and therefore the employers do not have a full obligation.

He warned that the scheme of outsourcing of workers known as Outsourcing should be reviewed in our country because it has contributed to the accentuation of precarious conditions in the works.

Ernesto Sánchez Sánchez did not rule out that the new government headed by Andrés Manuel López Obrador is going to bet not only to strengthen agriculture and services as the panacea to get out of the situation in which the economy of Sinaloa is located, which depends to a large extent on the tourist activity and the migrants’ remittances.

According to World Bank statistics

By law, every year the minimum wage increases in Colombia and in several countries in Latin America, a region in which, according to the World Bank, this remuneration has grown by 19.8% between 2005 and 2015. In the classification of the region , Argentina, Uruguay and Chile are the nations with the best payments to their workers. Know below the other positions in the list.

According to figures published by the central banks and statistical institutes of 12 Latin American nations, to November of the year 2017, an accumulated annual inflation of 5.40% was presented, an indicator that determines to a great extent the wage increase for the immediately following year.

According to World Bank statistics, the highest minimum wage in Latin America is that of Argentina, whose government raised its minimum wage from $ 8,860 to 9,500 Argentine pesos in July 2017, a figure that corresponds to USD $ 498 today. By July of this year, the government will make another hike. On that date, the minimum wage in Argentina will be $ 10,000 pesos, approximately USD $ 530 dollars.

The second country with the highest minimum wage in the region is Uruguay, which has the peculiarity that its government determined since 2015 minimum wages for 2016, 2017 and 2018. In that country the minimum monthly income is $ 13,430 Uruguayan pesos , about USD $ 470 at the current exchange rate.

In third place of this list is Chile, country whose laws stipulate a vital minimum wage of $ 276,000 Chilean pesos, about USD $ 456 dollars at the current exchange rate.

In the case of Colombia, President Juan Manuel Santos announced on December 30, 2017 that the minimum monthly salary for 2018 is $ 781,242 Colombian pesos, that is, US $ 273 (more than $ 700,000 pesos), which places the country in the 9th position of the region, among 12 countries.

At the bottom of the list is Venezuela. The country governed by Nicolás Maduro, despite having increased the minimum wage by 6 times throughout 2017, has the lowest minimum wage in the region, which corresponds to $ 248,510 bolivares, which is equivalent to USD $ 74 at the exchange rate. today. It is important to keep in mind that the exchange rates for the dollar vary every day, so the prices may change as well.

The other positions on the list are occupied by Guatemala in the fourth position with a minimum monthly salary of USD $ 407, followed by Paraguay with USD $ 362. In the sixth position is Ecuador with a salary of USD $ 300 dollars, which places it above Brazil, in the seventh place with a salary of USD $ 295 and Bolivia in the eighth position with a salary of USD $ 287 Dollars. In the ninth position is Colombia, above Peru which is in the tenth place with a salary of USD $ 270 dollars.

The penultimate position on the list is occupied by Mexico, which defines its minimum living wage per day. In this country, the daily minimum wage is 88.36 Mexican pesos, about USD $ 4.6 per day, which would be USD $ 92 per month.

For the World Bank, the historical trend is characterized by an increase in the minimum wage in Latin America, but maintaining this increase will depend “on maintaining a more stable international economic environment in the coming years”.

Source: TVP, misfinanzasparainvertir, world bank

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