Colombia Minimum Wage to Rise 3.5% to Around US$260 per Month in 2021

RIO DE JANEIRO, BRAZIL – Colombia’s minimum wage will increase 3.5% in 2021, President Ivan Duque said in a Twitter message on Tuesday, December 30th, double the projected level of inflation for the past 12 months.

The minimum wage will rise to 908,526 pesos – around US$260 – per month, up from 877,803 pesos in 2020, Duque said. Transport assistance accompanying the minimum wage will rise to 106,454 pesos per month in 2021, from 102,854 pesos this year.

“(The increase) is needed to maintain the balance between purchasing power and protecting and creating new jobs,” Duque said.

In percentage terms, the 3.5% rise for 2021 is lower than the 6% increase for the minimum wage in 2020.

The increase in minimum wage follows a 5.12% rise in congressional salaries in the Andean country, announced late last week, which prompted outrage. Congressmembers will earn 34.4 million pesos a month in 2021, around US$9,900, up from 32.7 million pesos in 2020, local media reported.

The Colombian economy entered a recession due to the impact of the coronavirus pandemic, with the government expecting a contraction of between 6% and 7% this year.

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