Latinameria is very wide place and not even each country is homogeneous inside.Here
in Argentina “peon” is a common words for employees in the
agricultural, construction, ports, etc sectors. They are unionized with
negotiated salaries with the companies, the governments and the unions.There
is some bad practices of land owners that have employees with little
education and exploit them paying very little just letting them live in
the house and paying little (farmers don't usually live in the farms
like their grandparents, they moved to the town).
What there is is
“slave” labor, like you can find in the US with illegal immigrants being
kept in the dark in warehouses to do manual labor and can’t leave the
place because they have no place to go, or money and their papers
stolen. It happens to illegal immigrants from Bolivia and Peru working
in the textile black industry.Hope This Helps!:)