The Government of Chile, through the Ministry of Labor and Social Welfare and the Ministry of Finance, has reached an agreement with the Workers Central Union (CUT in Spanish) of Chile, the largest trade union organization in the country, to raise the minimum wage to 440,000 Chilean pesos (about 503 euros) next May.

In turn, as reported by the Government on Monday, a new increase of 20,000 pesos (22.87 euros) will be applied in September, which would raise the final figure to 460,000 pesos (525.99 euros), and another increase of 40,000 pesos (45.73) in July 2024, to place the total amount at 500,000 pesos (571.7 euros).

During the negotiations that began last March, the union had demanded that the Government reach the figure of 500,000 pesos already this May, due to the “high” inflation that is taking place in Chile. This goal must be achieved as soon as possible, we cannot wait,” said the president of the union, David Acuña.

This amount, however, was the goal of the cabinet chaired by Gabriel Boric for the year 2026, at the end of his term. Despite their intention of a greater increase, from the Government, they had considered that it was necessary to reach a balance between the demand of the unions and the capacity of small and medium-sized companies to pay wages.

Last January an initial increase of 50,000 pesos (58.2 euros) was carried out, to which another 10,000 pesos (11.39 euros) were added, thus reaching 410,000 pesos (about 477 euros).

From the CUT they have celebrated that the talks to advance the arrival of the 500,000 pesos are advancing, as part of their “commitment” in the search to overcome the poverty line and create social policies that deliver “a good life” to workers.

Source: dpa

(Reference image source: Government, Europa Press / dpa)

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A voluntary cut in oil production was announced by Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Iraq and Oman. The measure will be applied from next May and until the end of the year.

This reduction is in addition to the one previously announced at the end of 2022, after the agreement between the OPEC member countries.

The Arab nations that have made this decision have indicated that this term was reached in conversation with other members of the organization, although they did not provide additional details.

In detail, “Saudi Arabia will apply an additional reduction of half a million barrels per day, the Emirates 144,000 barrels per day, Kuwait 128,000 barrels per day, Iraq 211,000 and Oman 40,000.”

These reductions in oil production, as the main objective, contribute to market stability, in addition to “achieving a balance between supply and demand” in the global arena.

M.Pino

Source: swissinfo

(Reference image source: Unsplash, in collaboration with Getty Images)

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