Tuesday, September 26, 2023

How much will the minimum wage increase in 2024 in Colombia? The government has given the first signs, are you satisfied?

After a few months in Colombia, the discussion will begin about the adjustment of the minimum wage in 2024, in the Government with unions and labor unions.

Like last year, everything seems to be important in the adjustment in nominal terms, in line with the increase in the cost of living (inflation), which although it has decreased in recent months, is still high in the sky and is at 11.43% .

Therefore, the Vice Minister of Finance, Diego Guevara, assured that at the current level of inflation there is no doubt that the increase in the minimum wage in Colombia in 2024 will be double digits.

“I believe no one will doubt that, because that is exactly what the trajectory of inflation shows,” the official stressed.

In the scenario made by the vice minister, the adjustment in question will be at least 10%, where the amount will rise to $1,276,000 (without the transportation subsidy) next year, although it must be insisted that there is still time for the negotiations to begin and the parties bring their proposals to the table.

Although inflation is currently above 11%, specialist companies predict that it may end the year between 9% and 10%.

The data will be decisive, based on the fact that Colombian law defines the floor of the negotiation of the minimum wage, increasing inflation, increasing productivity, and a margin of negotiation.

In any case, the Government is starting to see what will come at the end of the year and that will affect millions of people who get this salary.

It should be noted that for the current year the business unions, labor unions and the National Government have agreed to change the minimum wage by 16%; while transportation aid increased by 20%.

So, the first is $1,160,000 and the second is $140,606.

Nation World News Desk
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