Colombian President Juan Manuel Santos is considering raising minimum wage for 2011 by four percent, 0.6 percentage points more than announced late December.
According to a press release on the President’s website, the minimum wage must be reconsidered after government statistics agency DANE found that inflation in 2010 had been higher than anticipated.
“In light of the data we received about inflation in the last month, we will review minimum wage, we will raise it. I am going to talk to the Finance Minister and the Minister of Social Protection and I am going to propose that we raise the minimum wage by four percent at least,” Santos said in the press release.
Just before the end of 2010, the 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.