President Gustavo Petro has just confirmed that the minimum wage increase for 2023 has been set. It will be 16 percentie a total of 1,160,000 pesos plus a 20% increased transport subsidy. In other words, the minimum wage for next year will be 1,300,606 pesos.

The decision was announced after a meeting between the head of state, employers’ representatives, trade unions and Labor Minister Gloria Inés Ramírez.

(You can read: Minimum wage: this is what has increased in Colombia in recent years)

The President assured him that he hoped the agreed increase would restore “the purchasing power lost due to inflation in recent months”..

Petro assured that with the 2023 minimum wage, he hoped that the increase in productivity could be recovered on average. and “in addition, it enables us to address rising hunger by driving increased domestic demand in Colombia and its most vulnerable sectors.”

The president explained that he believes the Colombian economy will grow “far beyond the not-so-optimistic forecast imposed by international conditions for Colombia” if domestic demand increases.

For several days, there had been talks at the tripartite table (Government, businessmen, unions) aimed at defining the increase. The minimum transaction base, which comes from the sum of November inflation data of 12.53 percent and productivity 1.24 percent, was an increase of 13.77 percent. And the ceiling was the 20 percent figure suggested by the labor unions.

President Jaime Alberto Cabal, who was chairman of Fenalco at the time, assured that among the agreements reached to restore the purchasing power of the people, the increase in the minimum of a set of prices and services included the removal of the index and the formal request from the Ministry of Finance. The commitment to reduce the usury rate is recalculated with the formula applied today.

Aura Saavedra Alvarez

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Source: Exame

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I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.


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