Colombia: Minimum Wage increases 16%

According to the President, an agreement was reached between workers and employers on the minimum wage that will apply in 2023 and it will increase 16%.

The Minister of Labour issued a communication to inform that the minimum wage will increase by 16% and the transport allowance will increase by 20% for 2023 for a total of $1’300000 COP.

The increase was achieved on the last day of the deadline to reach an agreement in the Commission for the Agreement on Wage and Labour Policies, which aimed to protect the purchase power of the wage.

Moreover, the Ministry of Labour announced that the government is working on a benefit for pensions between two and three minimum wages, so that the health contribution will be reduced from 12% to 10%.