MINIMUM WAGE IN COLOMBIA 2024

The minimum wage is an issue of great importance in any society, since it directly affects the quality of life of millions of people. In the case of Colombia, the minimum wage is an issue that has been in constant debate over the years.

The minimum wage in Colombia has experienced significant changes throughout its history. In the first years of its existence, the minimum wage was established as a mechanism to guarantee a decent income for workers and their families. However, the amount and frequency of adjustments have varied over time.

Conversations begin this November in the National Government. This was said by the Minister of Labor Gloria Inés Ramírez, who announced that in these conversations the inflation rate will be considered, and advance studies will be carried out, to reflect and listen to proposals from the country's businessmen.

According to the Minister, they will work with the November inflation statistics and will begin earlier to carry out the respective preliminary studies. This will allow us to listen to the proposals of the business community and analyze all points of view, including those of the workers, with the aim of maintaining their purchasing power. This increase seeks equity and wants to guarantee the satisfaction of all Workers in Colombia. At the same time, it seeks to regulate the costs of products in the family basket and services.

The increase influences the country's economic growth and its market trends. The last increase was 16%, which raised the minimum wage from $1,000,000 to $1,600,000, which came into effect in January of this year.

Next year 2024, according to experts, is expected to obtain a percentage of no more than 9%, because a 2-digit percentage growth would not be in accordance with the inflation goals that are envisioned.