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Brasilia, Feb 17 – Brazilian President Luiz Inacio Lula da Silva has announced that the minimum monthly wage will increase from the current 1,302 reais to 1,320 reais ($251) starting May.
Lula said that his administration would set a new rule for the minimum salary taking into account inflation compensation and GDP growth, saying “it is the fairest way to distribute economic growth”, Xinhua news agency reported.
Those earning less than 2,640 reais ($505) a month would be exempted from income tax and the exemption level will progress until it reach 5,000 reais ($958), he said.
The tax reduction is high on the new government’s economic agenda.