On May 30, 2023, Law No. 21.578 was published in the Official Gazette, which increases the amount of the minimum monthly income, broadens the number of beneficiaries of the family and maternity benefits, and extends the minimum guaranteed income and the temporary subsidy to micro, small and medium-sized companies in the manner indicated. Specifically, the law provides as follows:

1. The minimum monthly income for workers over 18 and up to 65 years of age will be raised,
   1. $440.000.-, starting on 1 de mayo de 2023.
   2. $460.000.-, starting on 1 de septiembre de 2023.
   3. $500.000.- starting on 1 de julio de 2024.

In the event that the accumulated variation of the Consumer Price Index (CPI), determined and reported by the National Statistics Institute (INE), supere el 6% en un período de 12 meses a diciembre de 2023, the minimum monthly income will be increased in advance to $470.000.- starting on 1 de enero de 2024.

The minimum monthly income will be readjusted according to the accumulated variation of the CPI,determined and reported by INE between July 1, 2024 and December 31, 2024, as of 1 de enero de 2025.

2. As of May 1, 2023, the minimum monthly income for workers under 18 and over 65 years of age will be increased to $328,230.
3. As of May 1, 2023, the minimum monthly income for non-remunerative purposes shall be increased to $283,619.
4. Additionally, modifications are introduced by increasing the number of beneficiaries and beneficiaries of the family and maternity benefits established in Law No. 21. 218 and a temporary subsidy and other support measures are granted to micro, small and medium-sized companies and cooperatives that do not fall within the exceptions contemplated in Article 9 of the law, and that have reported the beginning of activities in the first category to the Internal Revenue Service, and that have annual income from sales and services of the line of business greater than 0.01 and equal or less than 100,000 UF accounted according to the rules established in Article 8 of the law.

Should you require additional information on this matter, please contact: Alfred Sherman (asherman@jdf.cl)