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Here are the minimum wage increase rates by year...
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In 2011, the minimum wage increase rate was 9.5 percent. The year-end CPI was 10.5.
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In 2012, the minimum wage increase rate was 11.8 percent. The year-end CPI was 6.2.
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In 2013, the average annual minimum wage increase rate was 9.4 percent, while the year-end CPI was recorded at 7.4.
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In 2014, the minimum wage was increased by 10.2 percent. The year-end CPI was 8.2.
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In 2015, the minimum wage rose by 12.2 percent. The year-end CPI was 8.8.
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In 2016, the minimum wage received a 33.5 percent hike, while the year-end CPI was 8.5. This increase was recorded as the highest in the minimum wage for the 2011-2016 period.
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In 2017, the average annual minimum wage increase rate was 7.9 percent, and the year-end CPI was 11.9.
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In 2018, the minimum wage was increased by 14.2 percent, while the year-end CPI was 20.3.
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In 2019, the minimum wage increase rate was 26.1 percent, and the year-end CPI was recorded at 11.8.
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In 2020, when the pandemic and the global crisis broke out, the minimum wage was increased by 15 percent, and the year-end CPI was 14.6.
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By 2021, the average annual minimum wage increase rate was 21.6 percent, and the year-end CPI was 36.1.
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In 2022, the minimum wage increased by an annual average of 72.6 percent, and the year-end CPI rose to 64.3 percent.
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In 2023, a record for minimum wage hikes was broken with an increase of 104.1 percent, while the year-end CPI was 64.8.
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In 2024, the minimum wage increased by an annual average of 70.8 percent, and the year-end CPI was 44.
News Source : 12punto
