The most recent and well-known fact about Costa Rica is that the Central American country has the highest salary in Latin America. The monthly amount for unskilled occupations in this year 2022 was $541, that is, ¢330 thousand, according to a list prepared by the company Runa, a software company focused on human resources.
The Ministry of Labor established other salary categories for technicians $638 (¢389 thousand), university graduates $964 (¢587 thousand) and for university post-graduates $1,151 (¢701 thousand).
This year, Costa Rica’s salary is above Ecuador, which ranks second in the international list with $425 and Chile third with $410. Meanwhile, Mexico has a minimum wage ($259) and Colombia ($240) are in the last places, not counting Venezuela that is below 50 dollars even though the basic cost of living there is at US$ 459.08.
It is worth noting that the minimum wage is a remuneration that must be paid by law to any person who performs work activities in a specific time, according to the International Labor Organization (ILO).
Facing headwinds
Everything has been emerging in the best way, in Costa Rica and in other countries, and we say this because at the beginning of the year, experts said that the global economy would face different headwinds this year, all after what was the Covid-19 pandemic and the impact of the war in Ukraine.
It must be taken into account that in all countries that determine minimum wages under different parameters and negotiations. In some, the minimum limit is changed from time to time and in others it is carried out annually, among different ways to modify it.
In addition to having the highest minimum wage in Latin America, it is considered the happiest country?
Costa Rica today ranks first with the highest minimum wage, but a few years ago (2019) it also ranked first globally as the happiest country in the world, according to the Happy Planet Index.
The country scored 44.7, followed by Mexico and Colombia, according to the Planet Happiness Index. At that time, the Central American countries, such as Guatemala, Honduras, El Salvador, Panama and Nicaragua were positioned in places 26, 65, 17, 6 and 7, respectively.
The Index multiplied well-being with life expectancy and, in turn, the result was multiplied by inequalities and divided by the ecological footprint. In this regard, they highlighted that people living in Costa Rica have greater well-being than residents of many rich nations, including the United States and the United Kingdom, and live longer.
Costa Rica, the second best place in the world to retire
It is important to remember that at the beginning of 2022, according to the 2022 Annual Global Retirement Index, prepared by International Living, Costa Rica is the second best place in the world to retire.
International Living added that foreign visitors and residents discover the special charm of Costa Rica, which offers a series of unique conditions for people to decide to retire in the country. That one of the things you often hear from expats is how warm
Finally, and focusing on the main issue of the minimum wage, everything has been emerging in the best way in Costa Rica and in other countries, and we say this because at the beginning of the year, experts said that the global economy would face different headwinds this year, including the Covid-19 pandemic and the impact of the war in Ukraine.
It must be taken into account that in all countries minimum wages are determined under different parameters and negotiations. In some, it is changed from time to time and in others it is carried out annually, among other ways to modify it. In part, the parameters and the constant work, the value of the work of each person has generated that the country closes the year with the highest minimum wage in Latin America.
