Minimum wage in Colombia 2024

Less than two months before minimum wage negotiations for 2024 formally begin in Colombia, economic research centers, analysts, unions and even the government have indicated wage increases should rule next year.

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Labor Minister Gloria Inez Ramirez, though optimistic about the discussions, remains reassuring “Hopefully reaching an agreement that will allow us to maintain purchasing power”Some experts point to that, such as Anif’s president, Mauricio Santa María Taking into account the high inflation targets seen in the outlook for next year, the percentage of salary adjustment should not exceed single digits.

And, precisely, The inflation figure is an important element in salary adjustment negotiations.

(Also read: How much will the minimum wage rise in 2024?: These are the predictions).

Certain economic and other judicial parameters are taken into account to set the minimum wage which is administered annually. In the first case, the year’s inflation and its forecast for the next year are taken as a reference. Annual GDP and its projection, contribution of productivity to growth of economy and contribution of salary to national income.

Gloria Inez Ramirez

Ministry of Labour

For the Judiciary, there are the constitutional objectives of the constitutional protection of work, the need to maintain a vital and mobile minimum wage, the social function of the enterprise, the general direction of the state’s economy.

It is analyzed by the spokespersons who attended the talks.

(Also see: Minimum wage: Government’s outlook for negotiations).

It should be noted that these negotiations are being conducted in a tripartite table with representatives Merchants, Workers and GovtLed by Labor Minister Gloria Inez Ramirez.

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Historically, the maximum deadline for this deal has been December 30. If there is no agreement, the national government should promulgate an ordinance.

For this year, Parties will meet inflation, whose annual variation is 10.99% as of SeptemberThat means minimum wage increases will be at least double digits in 2024.

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