The Brazilian state government has officially announced that the minimum wage in 2024 will be set at R$1,412 ($292 U.S), which exceeds the present one by R$92 ($19 U.S.). This is reported by Brasil247, a partner of TV BRICS.
Brazilian President Luiz Inacio Lula da Silva is expected to issue the decree by the 31st of this month.
The new minimum wage was set in accordance with the updated minimum wage increase policy that was previously approved by Congress. The policy is based on the sum of two indicators: inflation as measured by the National Consumer Price Index (INPC) and real growth in gross domestic product (GDP) over the previous two years.
Last week’s inflation data from the IBGE was 3.85 per cent. To this percentage was added GDP growth for 2022, totalling 3 per cent, according to the already adjusted data.
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