Supreme Decree 5154 (“DS 5154”) dated May 1, 2024, provides for the Salary Increase for the 2024 fiscal year for the public sector (with scope to certain sectors) and private sector (with general scope), the latter to be agreed between employers and workers with basis on 3% increase, applicable to all types of salaried work contracts.
DS 5154 also sets the National Minimum Wage for the year 2024 at Bs2,500., which represents an increase of 5.85% with respect to year 2023.
The salary increase has been regulated by the Ministry of Labor, Employment and Social Security (“MTEPS” for its acronym in Spanish) through Ministerial Resolution 521/24 of May 9, 2024.
The Regulation establishes that the salary increase must be formalized through the subscription of a Collective Agreement of Salary Increase, to be submitted to the MTEPS until June 30, 2024.
As in past years, it is established that the salary increase is not mandatory for workers in the Private Sector who occupy positions of presidents, vice presidents, members of boards of directors, managers, assistant managers, general managers, directors or assistant directors who have a salary level in accordance with the assigned position.
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