Colombia's minimum wage will increase by 12% in 2024, Labor Minister Gloria Ines Ramirez said on Friday, taking the figure to 1.3 million pesos ($340) per month
Source: Pexels
The increase in the minimum wage represents a hike of 140,000 pesos ($36.63) per month
Source: Pexels
The wage increase comes as the country battles persistently high inflation and an ailing economy. Twelve-month inflation to the end of November hit 10.15%
Source: Pexels
The increase for 2024 is less than the rise in the minimum wage in 2023, when the government reached an agreement to boost it by 16%