Chile currently has the highest minimum wage among the four countries Vivarae News covers: 553,553 pesos, about US$ 564 a month. It is followed by Mexico at US$ 519, Peru at US$ 358 and Argentina at US$ 258, based on the amounts in force in October 2026 converted at the October 15 exchange rate. Across the region as a whole, the top spots go to Uruguay and Costa Rica.
Minimum wage in Chile, Mexico, Peru and Argentina
| Country | Current monthly minimum wage | Since | In dollars |
|---|---|---|---|
| Chile | 553,553 pesos | May 1, 2026 | US$ 564 |
| Mexico | 9,582.47 pesos (general zone) | January 1, 2026 | US$ 519 |
| Peru | S/ 1,230 | October 1, 2026 | US$ 358 |
| Argentina | 391,200 pesos | October 2026 | US$ 258 |
Sources for the amounts: in Chile, Law 21,830 (Vialto Partners); in Mexico, the National Minimum Wage Commission (Uno TV); in Peru, Supreme Decree 015-2026-TR (Bloomberg Línea); in Argentina, Resolution 4/2026 of the Wage Council (El Cronista). The conversion uses exchange rates published by ExchangeRate-API on October 15, 2026.
The ranking for the whole region
For the rest of Latin America, the most cited 2026 ranking is the one Infobae published in January, with early-year data. Uruguay is first and Peru 13th of 16 countries. Other mid-year rankings put Costa Rica first, at more than US$ 800 for unskilled workers.
| Rank (January 2026) | Country | Minimum wage in dollars |
|---|---|---|
| 1 | Uruguay | US$ 629 |
| 2 | Chile | US$ 566 |
| 3 | Mexico | US$ 537 |
| 12 | Panama | US$ 350 |
| 13 | Peru | US$ 336 |
| 14 | Brazil | US$ 308 |
| 15 | Argentina | US$ 232 |
| 16 | Nicaragua | US$ 218 |
The January amounts predate the increases in Chile (May) and Peru (October), which is why they differ from the first table. Dollar rankings change with exchange rates: a devaluation can push a country down several places even if its minimum wage rises in local currency.
Why dollar amounts can mislead
- Exchange rates move: the Chilean peso, for example, is at its weakest of the year, as we report in the dollar in Chile at 987 pesos.
- Living costs differ: the same dollar amount buys more in one country than in another.
- Not every country has a single minimum: Mexico has one for the northern border (US$ 726) and another for the rest of the country; Costa Rica and Panama set amounts by occupation.
- Inflation changes real value: in Argentina the minimum rises every month, but annual inflation is 33.4%.
How many minimum wages a politician earns
| Position | Monthly pay | Times the country's minimum wage |
|---|---|---|
| Mexican federal deputy (gross allowance) | 110,578.67 pesos | 11.5 |
| President of Argentina (gross) | 4,066,018 pesos | 10.4 |
| Peruvian member of Congress (salary) | S/ 15,600 | 12.7 |
The details are in how much a member of Congress earns in Mexico, how much the president of Argentina earns and how much members of Congress earn in Peru. For each country's history, see the minimum wage in Chile since 1990, the minimum wage in Mexico and the minimum wage in Peru.
Frequently asked questions
Which Latin American country has the highest minimum wage?
Depending on the date and exchange rate, Uruguay or Costa Rica. Among Chile, Mexico, Peru and Argentina, Chile's is the highest.
How much is Chile's minimum wage in dollars?
About US$ 564 a month: 553,553 pesos at the October 15, 2026 exchange rate.
Where does Peru rank?
In the lower part: in the January 2026 ranking it was 13th of 16 countries. With the rise to S/ 1,230 it is worth about US$ 358.
Why is Argentina so low?
Because its minimum wage of 391,200 pesos is worth about US$ 258 at the current exchange rate.
