BOGOTA(Reuters) – Colombia’s minimal wage will improve by 12% in 2024, Labor Minister Gloria Ines Ramirez mentioned on Friday, taking the determine to 1.3 million pesos ($340) per thirty days.
The rise within the minimal wage represents a hike of 140,000 pesos ($36.63) per thirty days.
The wage improve comes because the nation battles persistently excessive inflation and an ailing economic system. Twelve-month inflation to the tip of November hit 10.15%.
The rise for 2024 is lower than the rise within the minimal wage in 2023, when the federal government reached an settlement to spice up it by 16%.
The rise for 2024 was not agreed with enterprise leaders, regardless of conferences between the federal government and trade teams, Ramirez informed journalists.
“There have been discussions and actions by the events, however they weren’t sufficient to achieve an settlement,” Ramirez mentioned, including that 10 conferences befell searching for an settlement.
The dearth of settlement, nonetheless, has no impression on implementing the brand new minimal, which is about by the federal government.
Enterprise associations and staff’ unions had managed to achieve an settlement with the federal government on minimal wage will increase for 2022 and 2023.
The hike to the minimal wage comes as Colombia’s economic system stalls.
The central financial institution’s technical workforce had hiked its 2023 development outlook to 1.2% on the finish of October, however the economic system shrank 0.3% within the third quarter versus the year-earlier interval, prompting financial institution chief Leonardo Villar to warn that the forecast was unlikely to be met.
($1 = 3,822.05 Colombian pesos)