Costa Rica is the country with the highest minimum monthly wage in Latin America. According to the minimum salary established by law as of January 2024, workers in the Central American country enjoy a basic monthly wage of over 687 U.S. dollars, an increase of 1.83 percent compared to the previous year and over 100 U.S. dollars more than the second place, Uruguay. On the other side of the spectrum is Venezuela, where employees are only guaranteed by law a minimum salary of 130 bolívares or little more than three dollars per month. Can Latin Americans survive on a minimum wage? Even if most countries in Latin America have instated laws to guarantee citizens a basic income, these minimum standards are often not enough to meet household needs. For instance, it was estimated that almost 25 million people in Mexico lacked basic housing services. Salary levels also vary greatly among Latin American economies. In 2020, the average net monthly salary in Mexico was barely higher than Chile's minimum wage in 2021. What can a minimum wage afford in Latin America? Latin American real wages have generally risen in the past decade. However, consumers in this region still struggle to afford non-basic goods, such as tech products. Recent estimates reveal that, in order to buy an iPhone, Brazilian residents would have to work at least two months to be able to pay for it. A gaming console, on the other hand, could easily cost a Latin American worker several minimum wages.

Ecuador Minimum Wage: Real: Sep1994-Aug1995=100 data was reported at 108.700 Sep1994-Aug1995=100 in Dec 2005. This records a decrease from the previous number of 109.000 Sep1994-Aug1995=100 for Nov 2005. Ecuador Minimum Wage: Real: Sep1994-Aug1995=100 data is updated monthly, averaging 103.450 Sep1994-Aug1995=100 from Jan 2000 (Median) to Dec 2005, with 72 observations. The data reached an all-time high of 111.900 Sep1994-Aug1995=100 in Jan 2005 and a record low of 64.200 Sep1994-Aug1995=100 in Mar 2000. Ecuador Minimum Wage: Real: Sep1994-Aug1995=100 data remains active status in CEIC and is reported by Ministry of Labor and Employment. The data is categorized under Global Database’s Ecuador – Table EC.G013: Minimum Wage .

El salario mínimo en Ecuador aumentó a 470 USD/mes en 2025 desde 460 USD/mes en 2024. Los valores actuales, los datos históricos, las previsiones, estadísticas, gráficas y calendario económico - Ecuador - Salarios Mínimos.

According to a recent study, Colombia had the lowest monthly cost of living in Latin America with 546 U.S. dollars needed for basic living. In contrast, four countries had a cost of living above one thousand dollars, Costa Rica, Chile, Panama and Uruguay. In 2022, the highest minimum wage in the region was recorded by Ecuador with 425 dollars per month.

Can Latin Americans survive on a minimum wage? Even if most countries in Latin America have instated laws to guarantee citizens a basic income, these minimum standards are often not enough to meet household needs. For instance, it was estimated that almost 22 million people in Mexico lacked basic housing services. Salary levels also vary greatly among Latin American economies. In 2022, the average net monthly salary in Brazil was lower than Ecuador's minimum wage.

What can a minimum wage afford in Latin America? Latin American real wages have generally risen in the past decade. However, consumers in this region still struggle to afford non-basic goods, such as tech products. Recent estimates reveal that, in order to buy an iPhone, Brazilian residents would have to work more than two months to be able to pay for it. A gaming console, on the other hand, could easily cost a Latin American worker several minimum wages.

In Ecuador, the share of the indigenous population in 2023 that had an average per capita income below the poverty line reached almost 50 percent. In comparison to the previous year, this represents a slight decrease. The country had also one of the highest share of indigenous population living in extreme poverty in the region.