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The new minimum wage for 2022 will be the highest in history

The new minimum wage for 2022 will be the highest in history

Each year, the minimum wage is adjusted based on Brazil’s inflation rates. In other words, if, say, inflation increases by 10%, the minimum wage, by law, must be subject to an adjustment in the same proportion.

However, due to the pandemic and the economic situation in Brazil, inflation rates are rising month by month. Thus, this will lead to a record rise in the new national minimum wage for 2022.

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The new minimum wage for 2022 will be the highest in history

If the increase in inflation is maintained, without changes to the calculation, the 2022 minimum wage may have a readjustment above the previously projected amount. Currently at R$1,100, the national minimum should rise to R$1,210.44 in 2022. The value is R$41.44 more compared to the official government proposal, issued in August, of R$1,169. Thus, this must be the largest minimum wage adjustment in history.

Moreover, the minimum wage serves as a reference for 50 million people in Brazil, of whom 24 million are beneficiaries of the National Institute of Social Security (INSS). Data are from the Joint Department of Statistics and Social and Economic Studies (Dieese).

According to the government’s presentation of the 2022 budget in Congress, the correction of the minimum wage will be made only on the basis of inflation; That is, at the discretion of the INPC. If the new amendment is met, the purchasing power of those who earn the minimum wage will remain unchanged, without real gains.

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According to the constitution, the amount should be corrected, at least, taking into account the difference in INPC from the previous year. It should be noted that in order to ensure an increase in the minimum wage, the government must increase expenditures. The reason relates to Social Security benefits, which, in short, cannot be lower than the current minimum wage.

Finally, according to government calculations, for every R$1 increase in the national minimum, it is estimated that there will be an increase in total spending of R$35 million in the 2022 budget.

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