Costa Rica, Uruguay have the highest minimum wage in Latin America

The German media Statista, specialized in the disclosure of market data, shared in recent days a new report on minimum wages in Latin America for 2023.

Based on information disclosed by Bloomberg Linea earlier this year, the media made a ranking that is led by Costa Rica as the country with the highest minimum wage measured in dollars: US$ 603.

Uruguay, on the other hand, is in second place in the ranking after the latest adjustment made by the government, which set the minimum wage at $21,106, about US$ 540.

After Uruguay, the countries with the highest minimum wage in dollars are Chile (US$ 475), Ecuador (US$ 450) and, in fifth place, Guatemala (US$ 403).

At the bottom of the table are Venezuela, with a minimum wage measured in dollars of US$ 189, and Argentina, with a minimum wage floor of US$ 189.

However, Statista clarifies that the estimates are based on nominal values, without considering the purchasing power and cost of living in each country.

“These estimates are based on nominal values, i.e., they are not adjusted for purchasing power and cost of living in each economy. Therefore, the comparison may often seem unfair. Even so, Venezuela stands out in this region of the world for its extreme difference with the rest, since its minimum wage of 130 bolivares fuertes is equivalent to about eight dollars,” the report notes.

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