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Economy

Colombia has 6th highest minimum wage in South America

by Tom Heyden January 17, 2011

colombia news - minimum wage, peso

A recent U.N. report from the International Labour Organization (ILO) has ranked Colombia as having the sixth-highest minimum wage in South America.

The ILO lists minimum wages in international dollars using purchasing power parity (PPP), a hypothetical conversion rate based on the relative cost of commodities. Argentina has the highest minimum wage, where workers earn a monthly minimum of PPP$896.00.

Colombia’s minimum monthly wage of $288 converts to PPP$390, putting it behind Venezuela and Ecuador.

As previously reported, the minimum wage increase for 2011 was re-set to 4 percent, as opposed to the initialĀ  3.4 percent, following complaints by labor unions, with the new wage activated at the turn of the year.

economyInternational Labour Organisationminimum wageUnited Nations

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