LatinNews Daily - 04 April 2022

In brief: Peru raises minimum wage for first time since 2018

* Peru’s President Pedro Castillo has signed a decree raising the monthly minimum wage by 10.2% to PEN1,025 (US$281.59). This was the first increase in the minimum wage since March 2018, when former president Pedro Pablo Kuczynski (2016-2018) raised it by 9.4%. The new minimum wage will come into effect on 1 May. The decision has been criticised both by trade unions, who argue that the increase is insufficient given the level of inflation since the previous raise, and by business associations, which say they were not consulted on the wage hike. According to the latest inflation figures, released by the national statistics institute (Inei) on 1 April, monthly inflation in March was 1.50%, bringing annual inflation to 7.45%.

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