Every year the minimum wage in Colombia is increased and every year the amount is contested by the Colombian labour leaders. This year they were seeking an 8 % increase. Instead they received 4.5 %
Here are the stats for the past few years.
2006: 408.000 COP – an increase of 6.90 %
2007: 433.700 COP – an increase of 6.30 %
2008: 461.500 COP – an increase of 6.40 %
2009: 496.900 COP – an increase of 7.70 %
2010: 515.000 COP – an increase of 3.60 %
2011: 535.600 COP – an increase of 4.00 %
2012: 566.700 COP – an increase of 5.80 %
2013: 589.500 COP – an increase of 4.02 %
2014: 616.000 COP – an increase of 4.50 %
Although 4.5 % does not seem like a significant amount, inflation has been held in check by the government to approximately 2 % so in fact the buying power of a minimum wage earner has increased by 2.5%.
If you employ a minimum wage earner, in 2014 you must legally pay them 616.000 COP per month plus benefits. One of these benefits, for transportation, has also been increased to 72.000 COP per month.
