New minimum wage in Colombia will be announced next week

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Colombian President Ivan Duque will announce the new minimum wage in the coming days, Semana magazine explains.
According to the publication, Duque will announce ‘by decree the increase of the minimum wage for 2021 next week. For 2019 and 2020 the rise was six percent nominal per year, which represents a real increase of 2.8 and 2.2 percent respectively.

According to analysts quoted by the Cuarto de Hora media, Duque is expected to raise the minimum wage by 3.5 percent.

The Colombian President will be in charge of setting the final figure, after the negotiations between the workers’ and employers’ unions have been broken off.

The employers suggested an increase of 2.5 percent, while the workers demanded 15 percent.

The Minister of Labor, Angel Custodio Cabrera, said that’the minimum wage plus the transportation subsidy should exceed one million pesos ($285.50 usd).

In 2020, the minimum wage was 887,000 pesos (US$253.24).

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