Reference Value Report: Living Wage Report and 2024 Update for Urban Guatemala

This report updates the Anker Living Wage Reference Value for urban Guatemala to 2024. This was GTQ 4,646 (USD 603) for 2022 in the original report, comprised of a Net Living Wage of GTQ 4,401 (USD 571), plus a social security contribution of GTQ 245 (USD 32). The updated Anker Gross Living Wage for 2024 is GTQ 4,975 (USD 641) per month, comprised of a Net living Wage of GTQ 4,666 (USD 601), plus GTQ 309 (USD 40) in mandatory pay deductions which would need to be paid by law as a contribution to the state health fund (5.5%) and income tax (5%). It is worth noting that a worker’s contribution to social security has increased this year (from 4.83% to 5.5%) and is considered as a deductible expense for income tax purposes and in addition there is a GTQ 4,000 monthly deduction3 . Inflation between June 2022 and June 2024 was 6.0% . Without accounting for inflation, the Living Wage estimated in 2022 would not be sufficient for families to have a basic but decent standard of living in 2024, because the purchasing power of the Living Wage would have decreased. Mandatory deductions were calculated using the most up-to-date tax laws.