Colombia raises minimum wage by 3.4%

The Colombian government issued a decree raising the country’s minimum wage by 3.4 percent after employers and unions weren’t able to find a compromise.

The 3.4% or increase means the monthly minium wage will be set at COP532,510 ($267).

The Colombian government ruled on the height of the minimum wage after employers and unions failed to find a compromise on wages. Employers offered a three percent increase, while unions initially demanded 12 percent, but lowered their demand to six percent.

The new minimum wage will take effect on January 1.