Chilean Wages: A Steady Ascent Amidst Economic Fluctuations
(MENAFN- The Rio Times) Over the past year, Chilean wages have seen a steady increase, with the Real Wage index (RWI) growing by 3.4%.
This index, which adjusts wages based on the monthly Consumer Price Index (CPI) changes, has accumulated a rise of 1.8% for the current year to date.
In July alone, wages surged by 8.1%, marking the highest increase of the year, as reported by the National Institute of Statistics (INE ). labor costs paralleled this growth, ticking up by 8.4%.
The sectors of trade, manufacturing, and construction were notable for their significant annual gains, contributing positively to these figures.
In July, the average hourly wage was recorded at 6,565 pesos ($6.96). This represents a 9.3% increase from the previous year.
Women's hourly wages rose to 6,386 pesos ($6.77), reflecting a slightly higher year-over-year increase of 9.8%. Men's wages reached 6,728 pesos ($7.13), up by 8.9%.
Wage Trends and Gender Pay Gap
The average labor cost per hour followed a similar trend, standing at 7,522 pesos ($7.98) and reflecting a 9.3% increase over the last twelve months.
For women, the figure was slightly lower at 7,287 pesos ($7.73), though it still marked a 9.6% increase. Men saw their costs reach 7,738 pesos ($8.21).
The gender pay gap also persisted. Women earned 5.1% less per hour in ordinary wages and 5.8% less in total hourly labor costs compared to men.
This continuous upward trend in wages , as highlighted in the INE's monthly report on the Real Wage Index, underscores the ongoing economic resilience and challenges within the Chilean economy.
The data not only reflects the dynamic nature of the labor market but also the disparities that remain an issue for policy and social equality.
These figures are crucial for understanding economic health and planning for future growth. They provide a clear snapshot of both progress and ongoing challenges in wage equity.
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