Colombia’s President Gustavo Petro announces a 9.54% increase in the minimum wage for 2025, setting it at 1.4 million pesos ($323.90) per month.
Colombia Minimum Wage to Increase 9.54% in 2025
Colombia’s President Gustavo Petro announced a 9.54% increase in the minimum wage for 2025, stating that it will rise to 1.4 million pesos ($323.90) per month.
The decision was made by decree after negotiations between the government, business associations, and workers unions failed to reach an agreement on the minimum wage hike. This year’s increase is smaller than the 12% hike announced for 2024 at the end of 2023.
Background on Minimum Wage Negotiations
A deal had been reached between business groups and unions with the government over minimum wage increases for 2022 and 2023. However, a consensus could not be achieved for this year’s increase.
Economic Projections for Colombia in 2025
The technical team of Colombia’s central bank forecasts that annual inflation will slow down to 3.1% by the end of 2025, following an estimated 5.3% rate at the end of 2024. This projection indicates a decrease in inflationary pressures in the country’s economy.
Note: The conversion rate used is $1 = 4,395.44 Colombian pesos.
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