The Real Remuneration Index, which measures the evolution of remunerations adjusted by the monthly variation of the Consumer Price Index, grew 2.6% in twelve months, accumulating a variation of -0.1% so far this year.

This Friday, the National Institute of Statistics (INE) of Chile released the Nominal Remuneration Indices (IR) and Labor Costs Indices (ICL) corresponding to the month of May 2024.

In the fifth month of the year, the IR and ICL registered a twelve-month increase of 6.9% and 6.8%, respectively.

By economic sector, meanwhile, commerce, manufacturing industry, public administration and education recorded the highest positive annual incidences in both indicators.

The Real Remuneration Index - which measures the evolution of remunerations adjusted by the monthly variation of the Consumer Price Index (CPI) - grew 2.6% in twelve months, accumulating a variation of -0.1% so far of the year.

The INE detailed that the average remuneration per ordinary hour stood at $6,366 (US$ 6.77), recording a year-on-year increase of 7.2%.

“For women the value reached $6,151 (US$6.54), which meant an annual variation of 7.0%; while for men it stood at $6,562 (US$6.97), registering an increase of 7.4% in the same period,” he said.

The average labor cost per total hour was $7,263 (8.10), recording a growth of 7.1% in twelve months.

This value stood at “$6,996 (US$ 7.44) for women, with an increase of 6.9%, and at $7,509 (US$ 7.98) for men, with an increase of 7.3% in the same period.”

Finally, the INE indicated that the gender gap in average remuneration per ordinary hour was -6.3%; while the average labor cost per total hour was -6.8%.