Chilean government announcements

CHILE - In Brief 11 Mar 2013 by Luis Cespedes

President Sebastian Piñera announced yesterday that he will send a bill to Congress that gives a one-time special bonus to low and middle-income families. The bonus would benefit more than 2 million families (300,000 more families than those considered in the bonus implemented to face the global financial crisis at the beginning of 2009). The estimated cost of the bonus is US$200 millions. The objective of the bonus is to help families afford the seasonally high expenditures that occur in March (the beginning of the school year)The government also announced that the bill will include the overtaking of the increase in the minimum wage (set to occur at some point in June). No further details regarding the exact increase in the minimum wage was provided (President Piñera indicated that the monthly minimum wage will be increased above $200.000 pesos from the current $193.000 pesos). These announcements are made in a context in which the economy is operating around potential. This is also an electoral year (Presidential election on November and primaries on June).

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