The Colombian government, business community and workers agree on a minimum wage increase of 5.8% for 2012, Colombian media reported Thursday.
Colombia’s total minimum wage for 2012, including transport subsidy, will be COP634.500 ($328.08) per month, an amount which includes two previous increases.
The legal minimum wage base rate for next year will increase by COP31,000 ($16.03), so from January 1 it will stand at COP566,664 ($293.00).
A transport subsidy will be added to this amount, a subsidy which was increased by 6.6% or COP4,200 ($2.17) to bring it to COP67,800 ($35.06).
Labor Minister Rafael Pardo expressed his satisfaction at the agreement. He said it was a historic event and which meant the purchasing power of workers would be recovered.