"The first S/100 (about US$30) could be implemented between October and November, and the second tranche of S/70 (about US$21) would come after El Niño has passed, after the summer; (we are talking about) November 2026 and April 2027," he said in an interview with Latina.
The government official indicated that a two-stage increase has been planned to avoid side effects on prices and microenterprises, which could face higher payroll costs and reduce their staff.
"We will keep this increase within the limit, because real wages are rising. It would be different to take such a measure in a stagnant economy, during a recession, or when real wages are not increasing," he noted.
On August 7, Minister Cuba stated that the minimum wage will increase to S/1,300 (about US$390) in two stages.
Pension payments for police and military personnel guaranteed
The minister guaranteed the payment of pensions for military and police personnel for the remainder of this year and in subsequent years.
"That is not under discussion; what is under discussion is a law passed by Congress last year that guarantees pensions equivalent to 100% of their last salary. That does not happen anywhere in the world," Cuba indicated.
Regarding the payment of pensions approved for teachers, the Cabinet member stated that every effort will be made to begin increasing pensions in a rational manner, depending on fiscal strength rather than in the manner approved by the previous Congress.
The minister estimated that paying teachers' pensions under those conditions would cost S/9 billion (about US$2.7 billion) per year.
Meanwhile, payments for military and police personnel that are not budgeted for through December would cost S/2.5 billion (about US$750 million).
On another matter, he said the request for legislative powers from Congress will concern urgent issues such as public safety and El Niño phenomenon, and possibly labor matters involving microenterprises as well.
The high-ranking official emphasized that insecurity affects all Peruvians, particularly those with the fewest resources.
He added that the Ministry of Economy and Finance will provide all necessary support to the Ministry of Interior to help it succeed in this fight.
Finally, Cuba said Petroperu's board of directors has a clear mandate to turn the company around.
"The balance of political forces within the company has changed. We have come in to stop it from losing money, so that it can begin to stabilize and tackle the tremendous debt it has," he concluded.