Executive summary: Law 21,456 on adjustments to the minimum wage, social benefits, and subsidies for companies
On May 26, the aforementioned Law (*see link) was published, introducing changes in the following areas:
- As of May 1, 2022, the Minimum Monthly Income (IMM) will be adjusted to $380.00 for workers between the ages of 18 and 65.
- From August 1, 2022, the IMM will increase to $400,000 for a similar group.
- Consider a possible increase in the IMM to $410,000, starting in January 2023, if the CPI for 2022 exceeds 7%.
- The amount of $283,471 is also established as the new IMM for workers under the age of 18 or over the age of 65.
- Introduces new amounts for Family Allowance brackets, ranging from $3,025 to $15,597, depending on income level and dependents.
- This Law also provides for a "Temporary subsidy for micro, small, and medium-sized enterprises" with the aim of partially covering the increase in the IMM.
- Finally, the Law states that a monthly compensatory contribution will be generated based on the increase in the value of the "Basic Food Basket" for the period May 2022 - April 2023, which will benefit those eligible for family allowances.
(*) Link to source: https://www.diariooficial.interior.gob.cl/publicaciones/2022/05/26/43262/01/2134353.pdf)
