What is the minimum wage for 2024? Find out more

To know what is the minimum wage for 2024 certainly interests millions of Brazilians.

The minimum wage is the minimum remuneration that employers can offer to their registered workers. 

It is adjusted annually, based on inflation and GDP over the last two years. 

This year, the adjustment exceeded inflation, a situation that had not happened for some years.

Read the text and discover the value of minimum wage in effect in 2024. 

How is the minimum wage adjustment calculated?

In principle, the minimum wage is the minimum wage that a formal Brazilian worker is entitled to receive in the country.

It is adjusted year by year considering the country's financial and economic situation.

As well as, the calculation of inflation, measured by INPC and the GDP of the last two years in Brazil, this calculation is made in twelve months until November.

In fact, the calculation of the National Consumer Price Index was 3.85% plus 3% of GDP, equal to 6.97%.

The value of the old minimum wage was R$1320.00, and according to the Federal Government the adjustment will set the new minimum wage in R$1,412. 

Therefore, this value was readjusted by 6.97%, confirmed by the government on December 27.

In this sense, the new ceiling comes into effect on the first day of January, covering pensioners, retirees, workers and also includes sickness benefits, among other benefits.

Minimum wage value for 2024: what else does it impact?

As already mentioned in the previous topic, the minimum wage for 2024 is R$1,412This adjustment also impacts other benefits and remunerations, such as:

• PIS/Pasep or salary bonus;
• INSS;
• Continuous Benefit Payment;
• Unemployment insurance;
• Closed season insurance;
• Alimony payments based on the minimum wage;
• Amounts paid for intermittent work;
• Limit allowed for filing lawsuits;
• Monthly contributions from Microentrepreneurs (MEIs).

In short, the minimum wage must be equal to or greater than inflation, and must also be sufficient to meet the basic needs of Brazilians.

In other words, food, housing, education, health, clothing, hygiene, transportation, in short, the adjustment must increase or give purchasing power to the consumer.

• ✅See also – Profitable Businesses to Invest in 2024

Financial tips for those earning a minimum wage

When talking about the minimum wage in Brazil, it's inevitable to see people complaining that it's too little and that it's not enough, right?

Let's face it, it's a very low amount in a country with high taxes and a high cost of living, especially in recent years.

However, we always have choices to make; we can either stay and complain or fight to manage the little we have well and make the money meet our needs.

Keep reading and we'll analyze some situations that can help you better manage your money. 

1. Changing habits

First of all, changing habits is good in many situations. If a person wants to lose weight, for example, this requires changing habits.

Breaking free from an addiction requires changing habits, having better relationships with people also requires changing habits.

In other words, our old habits end up limiting us, and even prevent us from prospering financially, because they consist of bad habits.

For example: the habit of impulse buying, either just because it's on sale or because someone else bought it and you have to buy it too, the person who does this always ends up being the most harmed.

Keep in mind how damaging this will be to your finances at the end of the month, be disciplined about this behavior, and fight against temptation.

• ✅Read also: Personal Finance Mistakes to Avoid in 2024

2. Seek knowledge in financial management 

To know what is the minimum wage for 2024 is good, but knowing how to manage it is even more important.

Therefore, to manage the little you earn, you can acquire knowledge for this purpose for free on the internet.

The internet is full of options in this regard, with countless videos on how to make your money grow, even if you earn little.

So, look for these tips and put into practice the ones that best suit your context.

3. Organize your finances 

Organizing your expenses and costs even helps reduce some costs.

In this sense, this action will help you have a better idea of how to pay your bills, listing the most important ones and negotiating the less important ones.

Therefore, your expenses can be structured as follows:

• Fixed: rent, internet, installment purchases, among others;
• Semivariables: which alternate according to consumption, water, electricity, monthly purchases;
• Variables: are occasional, such as clothing, travel, gifts, among others.

This way, it is possible to know how to save in each area.

And even having knowledge of expenses, the person will know how to fit it into their income, including already knowing what is the value of the minimum wage for 2024.

4. Take advantage of your free time to earn extra income 

Everyone has talents and skills to develop something and earn some money in their free time.

For example, if the only free time you have is at home, the recommended option is to sell food, and there are several options.

Food:

You can make money selling savory snacks, cakes, pies, and homemade food to order.

Freelancer:

The market is full of service options without employment ties to companies. You can work as a freelance writer, designer, translator, audio transcriber, advertising designer, among other services.

Give private lessons online:

Giving private lessons is often a way to earn extra money, after all, it's only a few hours of content and doesn't take up all your time.

If you don't have any idea of how to do it or what to do, search the internet and you'll find a variety of options for all tastes.

Reseller of products and cosmetics:

Another source of income that people often seek is the resale of beauty products.

This way, you can resell traditional products, as well as natural cosmetics that are trending, as well as makeup materials and much more.

Minimum wage value for 2024: conclusion

Finally, it is worth highlighting that no bad situation due to the low amount you earn is superior to our ability to overcome challenges and win with intelligence and wisdom.

Therefore, no matter how much money you have on hand, whether it is a lot or a little, if it is not managed well it will always have unpleasant consequences.

History is full of people who did great things with little in their hands, they succeeded because settling was never an option for them.

May you have a blessed year. Hugs!