Last month, the National Congress approved the Budget Guidelines Law (LDO) of 2023, with the value of the Minimum Wage for next year, which serves as the basis for calculating the retirement floor of the National Institute of Social Security (INSS).
According to the LDO, the value would be R$1,294, against R$1,212 in 2022. However, the value is already outdated due to the estimate of inflation, which points to a 7.41% increase in the National Consumer Price Index (INPC) in last 12 months. In this case, the minimum wage would be R$1,302.
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According to the Federal Constitution, no INSS benefit can be less than a minimum wage, therefore, it is the basis for the payment of the agency’s floor. Whoever receives more than one minimum wage as payment must add 7.41% to the value.
Here are some projections based on the minimum wage of R$1,302, if approved:
Value in 2022 | Value in 2023* |
BRL 2,000 | BRL 2,148 |
BRL 3,000 | BRL 3,222 |
BRL 4,000 | BRL 4,296 |
BRL 5,000 | BRL 5,371 |
BRL 7,000 | BRL 7,519 |
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