Currently, expectations for the increase in the minimum wage in 2024 are over 12 percent, that is, around 139 thousand 200 dollars. This will increase the basic income of Colombians to 1 million 290 thousand 384 dollars.
According to the analysis of experts, research centers, banks and the government itself, there is an increase for next year. It will range from 9% to 13%, with 12% being the most option.
According to the predictions of Cumhuriyet Bank, the fact that inflation will be between 9.5 percent and 10 percent at the end of the year indicates that the minimum wage increase will exceed 10 percent.
Consultation meetings between the Ministry of Labor, employers and unions will continue and productivity data will be determined on Monday, the 11th.
Labor confederations reject a proposal by the Foundation for Higher Education and Development (Fedesarrollo) for a higher increase at 9.6%
“The National Unitary Command, consisting of the CUT, CTC and CGT Union Centers and the CDP and CPC Retirees Confederations, does not accept this proposal,” said CUT president Fabio Arias.
Bancolombia Group predicts that the minimum wage could increase by up to 12 percent and reach $1,300,000 by 2024.
Other industry analysts point to 12% for example: Casa de Bolsa says it will be 10%; Alianza Valores believes it will be between 11% and 12%; Grupo Bolívar expects 11.46% and Banco de Bogota expects 11.8%.
In the case of the National Association of Financial Institutions (Anif), the inflation rate at the end of 2023 will be 9.6%, so this figure was suggested to form the basis for the discussion on minimum wage adjustment.
According to the association, any public policy initiative that involves increasing the minimum amount should be approached with caution, encouraging a debate that includes all affected groups and aims to reform parts of the legal and regulatory framework that introduce rigidity.
Labor Minister Gloria Inés Ramírez Ríos announced that she is optimistic that there will be an agreement to increase the minimum wage that covers 10.5 million Colombians.
This week, with Dane’s presentation on Monday, December 11, inflation and GDP and the Central Bank’s inflation projection will be examined.
On Tuesday, the 12th, minimum wage increase proposals for 2024 will become official; Wednesday 13 December and Thursday 14 December will be consultation days and the first deadline for reaching agreement will expire on Friday 15 December, as set out in Act 278 of 1996.
The figures known so far for the negotiation of the 2024 minimum are that inflation is 10.15% and productivity is -1%.
Currently the minimum wage in the country Currently, it is $1,160,000, with transportation assistance being $140,000, for a total of $1,300,000.While the minimum increase was 16 percent, transportation assistance increased by 20 percent, reaching 140 thousand 606 dollars.
In the 2022 discussion, in order to agree on the 2023 minimum wage, the Permanent Commission on Adjustment received the opinion of the National Government on the following elements
– Total factor productivity: 1.24%
– Inflation of poor and vulnerable households: 14.34%
– Gross Domestic Product: 9.4%
Source: Exame
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