This Monday (28), the President Luiz Inacio Lula da Silva (PT), enacts a law that brings Significant changes for Brazil. The main highlight is the increase in the minimum wage to 1,320 reais across the country.
In addition, the new text introduces a policy that values the minimum wage each year, taking into account inflation and the growth of the Gross Domestic Product (GDP) of the two previous years. According to the current government, such an approach seeks to maintain workers' purchasing power.
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The most notable factor is that this policy will start to take effect next year. With estimates pointing to a minimum wage of 1,421 reais from January 2024, according to the official release of inflation for 2023.
(Image: Joédson Alves/Agência Brasil/Reproduction)
This change not only directly affects workers who receive value as a basis. It also influences calculations of important benefits.
This includes payments such as the PIS/Pasep wage bonus, unemployment insurance, the Continuous Cash Benefit (BPC) and the Single Registry (CadÚnico), among others.
In addition to changing the minimum wage, the new law brings changes to the Income tax (GO). The tax exemption range for individuals will be expanded.
This means that workers with a monthly income equivalent to two minimum wages, which is currently equivalent to 2,640 reais, will not need to declare the IR next year.
It is important to highlight that the IR exemption range was frozen since 2015 at 1,903.98 reais per month. Thus, such a change will provide financial relief for many workers.
The approval of the law by the government can lead to significant changes in the lives of Brazilians.
The increase in the minimum wage and changes in the Income Tax have the potential to improve the lives of many citizens, providing greater purchasing power and financial relief.
As the country moves forward with such changes, it is interesting to follow the long-term results.