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  • Colombia: Discussions To Agree on Minimum Wage Increase in 2023

    Colombia: Discussions To Agree on Minimum Wage Increase in 2023

    "We have set a work schedule and, as you know, it will be in the first week of December when we will be officially working on the figure of what will be the minimum wage in this country," the minister told the media.

     Venezuelan and Colombian Lawmakers Hold Binational Meeting

    Although no official proposals or figures are being handled yet, the parties agree that the increase must be higher than the inflation closing for the year, which, according to the Government, will be between 10 and 11 percent, plus the national productivity data during 2022.

    Currently, the minimum wage in Colombia is $201, so if an 11 percent increase is approved, it will increase to an average of $222.

    It is estimated that employers will propose an increase of between 13 and 15 percent (it would increase to $226 and $231). In contrast, unions, preliminarily, would propose an increase of between 15 and 20 percent (between $231 and $240).

    According to the Minister of Labor, on November 30 and December 1, there will be meetings of the Productivity Sub-Commission; on December 5, the Minimum Wage Negotiation Table will be installed, and after that, there will be several sessions.

    The deadline for reaching an agreement is December 30, 2022.

    Other topics to be discussed at the meetings will be structuring the pension and labor reforms that the Government intends to submit to Congress next year.

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