The minimum wage will increase in 2023 and reach an unexpected value; know what the value is.
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Although the 2023 Budgetary Guidance Law (LDO) was approved this week and sets the minimum wage at 1.294 reais, new inflation estimates could cause this value to rise from the beginning of next year.
The minimum wage of 1.294 reais is outdated and could reach 1.302 reais by 2023, according to the latest forecast from the Ministry of Economy this Thursday (14). In reality, the National Consumer Price Index (INPC), which measures inflation, is expected to reach 7,41% by 2022.
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Currently, the index is used to calculate annual adjustments to national performance. In this sense, the fact that the salary proposal approved by the LDO of R$ 1.294 should not happen, considering that this year's INPC is 6,7%.
Increase in retirees
The value of the INSS pension will also increase with the revision of the minimum wage. If adjusted to 1.302 reais, policyholders will receive the new amount in January 2023, which will affect the current lower limit of 1.212 reais.
For those who receive the so-called “INSS limit”, the forecast will increase from R$7.612,38 to R$7.087,22 starting next year.
When will the new minimum wage be determined for 2023?
Although forecasts for next year's minimum wage are open, a precise and final revision of the lower limit will not be officially announced until January 2023. This is due to the need to await the 2022 inflation forecast from the Brazilian Institute of Geography and Statistics (IBGE)
The minimum wage began to be adjusted only for the previous year's inflation. Before that, the growth of Gross Domestic Product (GDP) from two years ago was also included in the calculation.
In practice, this means that there is no so-called “real growth” in the value of Brazilians. The only thing guaranteed is the maintenance of purchasing power, which remains the same.