Real wages in Chile fall 2.4% annually in 2022

Chilean real wages, adjusted for the monthly variation in inflation, have fallen 2.4% year-on-year so far in 2022 and 1.7% in 12 months, The National Institute of Statistics (INE) reported Tuesday with data from last October.

According to the institution’s data, the salaries of the inhabitants of the South American country have lost purchasing power due to inflation.

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The INE indicated that the nominal remuneration indices and the cost of labor registered annual increases of 10.9% and 10.5%, respectively, in the 10th month of the year.

The economic sectors of commerce, manufacturing, construction and mining registered the highest positive annual incidences in both mentioned indicators.

On the other hand, the average remuneration per ordinary hour was almost US$7, with which it recorded a year-on-year increase of 10.4%.

Median total hourly labor cost was about US$7.8, growing 10.2% in 12 months.

Regarding the gender gap in remuneration, the average per ordinary hour had a reduction of 8.9%t, as well as a decrease of 9.1$ in the average cost of labor per total hour.

With information from Xinhua