Signed decree that readjusts minimum wage to R$ 1,412

President Luiz Inácio Lula da Silva signed the decree that will readjust, from January 1, 2024, the value of the minimum wage, which will be R$1,412. According to the Palácio do Planalto, Lula left the signed decree before traveling to the Restinga da Marambaia naval base, where he will spend New Year’s Eve.

The expectation is that the decree will be published this Wednesday (27) in an extra edition of the Official Gazette of the Union.

The new value represents an increase of R$92 compared to the current value (R$1,320). The appreciation above inflation was included in a provisional measure sent by President Lula in May to Congress, which approved it in August. The new value was then included in the budget law for 2024, approved by parliament on December 22nd.

The definition of the new value derives from a formula that had been adopted during previous PT governments, based on the National Consumer Price Index (INPC) and the variation in the British Domestic Product (GDP, which is the sum of all wealth produced in the country).

As it will come into effect from the first day of January, the new amount will begin to be deposited at the beginning of February.

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The 2023 budget foresees a minimum wage of R$1,421