Budget 2024: government will send a proposal to increase the minimum wage by R$101, to R$1,421

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Readjustment takes into account the inflation estimate for this year, plus GDP growth in 2022. Currently, the minimum amount is R$ 1,320. Proposed amount can still be changed. The economic team’s proposal provides for an increase of R$ 101 in the minimum wage, currently at R$ 1,320. Small Companies, Big Businesses / TV Globo The federal government will send to the National Congress a proposal that the minimum wage rise to R$ 1,421 in 2024, an increase of R$ 101 in relation to the current level, which is R$ 1,320. The information was released by the Minister of Planning, Simone Tebet. The amount is foreseen in the project of the Annual Budget Law, which will be sent this Thursday (31) by the Ministries of Finance and Planning and Budget to the Legislative. The proposal considers the new permanent policy of increasing the minimum wage of the government of President Luiz Inácio Lula da Silva, already approved by the National Congress. According to the law in force, the valuation of the minimum will correspond to the sum of the inflation index of the previous year with the index corresponding to the real growth of the Gross Domestic Product (GDP) of the two previous years. The inflation index that will be considered will be the National Consumer Price Index (INPC), accumulated in the twelve months ended in November of the year prior to the readjustment. In cases where the GDP does not grow, the readjustment will be based only on inflation. The new value estimated this Wednesday is still provisional. If the inflation measured by the INPC in the twelve months until November 2023 is different from the estimate, the government will have to review the amount. The value of the minimum wage for 2024 will be defined by the end of the year. Before being resumed, the policy of readjustments for inflation and GDP variation was in effect between 2011 and 2019, but the minimum wage did not always rise above inflation. In 2017 and 2018, for example, the adjustment was granted only based on inflation because the GDP of previous years (2015 and 2016) had a retraction. Therefore, to comply with the proposed formula, only inflation served as the basis for the increase. During the government of President Jair Bolsonaro, the proposals for readjusting the minimum wage, according to a guideline established by the economic team led by Minister Paulo Guedes, contemplated only the inflation variation – without a real increase. According to information released in May by the Inter-Union Department of Statistics and Socioeconomic Studies (Dieese), the minimum wage serves as a reference for 54 million people in Brazil.

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