To the delight of Brazilians, the minimum wage will increase by 7.7% next year, as stated by Simone Tebet, Minister of Planning and Budget. Thus, the minimum wage for 2024 is R$ 1,421.
This increase was announced recently, when Tebet and Haddad, Minister of Finance, were discussing the budget for 2024. Therefore, understand the calculation of the increase in the minimum wage value below.
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What is the calculation for increasing the minimum wage?
At the beginning of the year, when Lula took office, a policy was introduced to increase the minimum wage. With this law, the government must adjust the minimum wage each year to ensure a real increase, that is, above inflation.
Therefore, the minimum wage adjustment will be based on the previous year's inflation plus the positive GDP variation of the previous two years. In this way, this measure will benefit workers, since the last real increase occurred in 2019.
On May 1st of this year, President Lula set a new value, the current R$ 1,320. This value represents an adjustment of 8.91%, which exceeded the inflation of the previous year (5.93%). Therefore, at least in the next years of Lula's government, workers will have greater purchasing power, since the increases will be above the inflation of the previous year.
When was the last raise?
The last real increase in the minimum wage occurred in 2019, when the value went from R$ 954 to R$ 988. However, the value was still below that predicted by the government of Michel Temer (MDB).
In 2023, President Lula defined a new adjustment, reaching the current R$ 1,320, an increase of R$ 108 compared to the 2022 value. In total, the adjustment was 8.91% and exceeded the 5.93% of inflation.
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