Chile: New Law adjusts Minimum Monthly Income
On 26 May 2022, Law No. 21,456 came into effect (the Law). Under the Law, several changes were made to the minimum legal wage. The first was applied on 1 May 2022. A second update came into effect on 1 August, increasing the minimum wage to $400,000 Chilean pesos. In addition, the Law provides that in April 2023 the President will send a bill to readjust again the minimum monthly wage to be applied in May 2023.
Key Action Points for Human Resources and In-house Counsel
Since 1 August 2022, the minimum monthly income for employees over 18 years of age and up to 65 years of age increased to $400,000 Chilean pesos.