Brazilian President Luiz Inacio Lula da Silva will sign a decree next week increasing the country’s minimum wage by 8.7 percent next year, Folha de Sao Paulo reported, without saying where it obtained the information.
The increase, in excess of inflation, will lift the country’s minimum wage to 505 reais ($287) from 465 reais starting in January, according to the Sao Paulo-based newspaper.
The government also plans to increase by 6.2 percent retirement payments and pensions, Folha said.
Calls by Bloomberg News to the presidential palace before office hours were not returned.