Wages in Cuba increased to 4648 CUP/Month in 2023 from 4209 CUP/Month in 2022. This dataset provides - Cuba Wages- actual values, historical data, forecast, chart, statistics, economic calendar and news.

During a 2024 survey, around 19 percent of the Cuban population had a monthly income lower than 67 U.S. dollars, and only 21 percent had an income higher than 417 USD. During that same survey, 61 percent of the respondents stated that they struggle to buy the necessary means to survive. Employment in Cuba Cuba has almost no unemployment at all. In 2022, the unemployment rate for the Caribbean country was 1.16 percent. In that year, over 74 percent of the workforce was estimated to be employees. However, most of them are employed in the public sector, as this segment employs nearly 62.4 percent of the entire labor force. Food insecurity Despite having almost all the entire workforce employed, the Cuban population faces many challenges. In a survey in 2024, 72 percent of the population claimed that the food crisis that the country faces is the main social problem, followed by salaries with 49 percent. The difficulty of accessing food is widespread, as one in two Cubans have admitted to gone without food at least one day in 2023.

Since 2018, the average monthly income of employees in state-owned and mixed enterprises in Cuba has more than quintupled, from 777 pesos per month in 2018 to 4,648 Cuban pesos in 2023.

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.

Cuba CU: GDP: USD: Gross National Income per Capita: Atlas Method data was reported at 8,920.000 USD in 2019. This records an increase from the previous number of 8,630.000 USD for 2018. Cuba CU: GDP: USD: Gross National Income per Capita: Atlas Method data is updated yearly, averaging 2,580.000 USD from Dec 1972 (Median) to 2019, with 48 observations. The data reached an all-time high of 8,920.000 USD in 2019 and a record low of 830.000 USD in 1972. Cuba CU: GDP: USD: Gross National Income per Capita: Atlas Method data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Cuba – Table CU.World Bank.WDI: Gross Domestic Product: Nominal. GNI per capita (formerly GNP per capita) is the gross national income, converted to U.S. dollars using the World Bank Atlas method, divided by the midyear population. GNI is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.;World Bank national accounts data, and OECD National Accounts data files.;Weighted average;