Greatest setback in wages in 30 years impacts the economy of Chilean families – Awdhesh

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Historical drop in salaries, according to the INE, the real remuneration index for April, registered its greatest decrease since 1994: 2.3%, amid rising prices and the economic crisis.

Santiago de Chile.- The legal study DefensaDeudores.cl, warned about the impact that the biggest setback in wages in 30 years will bring to Chilean families. The figure was recorded in April by the measurement carried out by the National Institute of Statistics (INE) and does not consider the rise in inflation.

Ricardo Ibáñez, lawyer and founder of the law firm, reflected, pointing to an analogy that applies to the current situation: “There is no other way but to say: ‘tomorrow there will be no money for bread. Today this phrase is a reality for thousands of families who see how their real income decreased compared to previous years.

According to the INE, the real remuneration index fell by 2.3% in April compared to the same month in 2021. This is the largest drop since the indicator began to be recorded, during the first quarter of 1994. adds an inflation that reached 10.5% in the same month and projects to touch 12% in May.

It is the seventh consecutive month of decline, noting an accumulated variation of -1.3% in the last twelve months. “The inflationary phenomenon, given by both internal and external factors, has made the prices of goods that make up the basic basket today unattainable for a large number of Chilean families. This should make us reflect on how millions of compatriots manage to overcome the economic difficulties involved in making ends meet,” said Ibáñez.

The lawyer exemplified the situation with the rise in a basic food such as bread, whose price has skyrocketed in recent months as a result of inflation. The drop in wages, in this context, will only complicate access to this and other common foods, affecting the most vulnerable groups. According to the INE, nominal wages grew by 8%, below inflation.

“In the vast majority of the country, the kilo of bread, which is part of the day-to-day diet of the population at breakfast and which is repeated in the afternoon at eleven/lunch –because talking about dinner is already impossible– , exceeds two thousand pesos, about ten units”, said the specialist, who projected that growth prospects for this year do not look favorable.

And despite this situation that affects thousands of families, the lawyer reflected on the trend that is observed today in various massive online platforms regarding investing in goods, financial instruments and cryptocurrencies. “In social networks there is talk of real estate investments of fixed income, variable income, cryptocurrencies and variations of the stock market and how much there is… This seems to be a parallel reality to the one inhabited by the millions of families in our country, where the great questioning it is if tomorrow there is money for bread”, he concluded.

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