In May 30, Law 21,578, which increases the Minimum Monthly Income (IMM), was published in the Official Gazette.
The law contemplates a schedule of increases with a view to gradually bringing the minimum wage to $500,000 in July 2024. The IMM currently amounts to $410,000 for workers between 18 and 65 years of age.
Schedule of gradual increases to IMM:
| Date | Corresponding increase |
| May 1, 2023 | $440,000 (retroactive) |
| September 1, 2023 | $460.000. |
| January 1, 2024 | $470,000 (subject to CPI variation equal to or greater than 6% during 2023). |
| July 1, 2024 | $500.000. |
| January 1, 2025 | Readjustment according to the accumulated CPI variation between July and December 2024. |
MMI and Consumer Price Index (CPI)
- The new regulation takes into account the effects of inflation on salaries by providing for the application of a readjustment in accordance with the variation of the CPI in January 2025.
- Additionally, in the event that during 2023 the CPI presents a cumulative variation of more than 6%, on January 1, 2024 the MMI would be increased by $10,000, thus remaining at $470,000.
Subsidies Mypymes and Cooperatives
Finally, and as part of the government's negotiations with different unions, the law contemplates subsidies per worker for MSMEs and Cooperatives. These involve the delivery of resources depending on the size of the company - which may be increased in the event of "deterioration of macroeconomic conditions" - as well as tax benefits for this type of employers.
