December 22, 2006
Brazil's government and unions agreed to a rise in minimum wages to 380 rea
Brazil's government and unions agreed to a rise in minimum wages to 380 reais a month ($176) from 350 reais ($162) a month, Wednesday. The 8.5% rise in wages will be made through 2010 and will be based on a combination of inflation and GDP growth. The agreement, which must now be approved by Congress, will allow the government to budget spending more accurately over the coming years, according to finance minister Guido Mantega.