Thursday, September 21, 2023

How much will the minimum wage increase in Colombia in 2024? Government gives initial indications, would you be satisfied?

After a few months, the discussion will begin in Colombia on the adjustment of the minimum wage for 2024 by the government, together with the unions and unions.

Like last year, everything looks like the adjustment will be important in nominal terms, in line with the rising cost of living (inflation), which, although it has fallen in recent months, is still sky-high at 11.43%.

Vice Finance Minister Diego Guevara assured that, given current inflation, there is no doubt that the increase in the minimum wage in Colombia will be double-digit in 2024.

“I believe that no one will question this, because that is exactly what the development of inflation shows,” the official emphasized.

In the scenario outlined by the Deputy Minister, the adjustment in question would be at least 10%. In this case, the amount would increase next year to $1,276,000 (excluding transport subsidy), although it should be noted that there is still time for corrective negotiations to begin and for the parties to bring their proposals to the table.

Although inflation is currently above 11%, specialist firms predict that it could be between 9% and 10% by the end of the year.

The data will be crucial as Colombian law defines the bargaining floor of the minimum wage, adding inflation, productivity and room for negotiation.

In any case, the government is already beginning to anticipate what will happen at the end of the year and that this will have an impact on millions of people who deserve this remuneration.

It is recalled that for the current year the business unions, trade unions and the national government have agreed to adjust the minimum wage by 16%; while transportation aid increased by 20%.

Thus, the first amount was $1,160,000 and the second was $140,606.

Nation World News Desk
Nation World News Desk
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