Colombia's Minimum Wage Set to Increase 9.54% to 1,423,500 Pesos, Effective January 1, 2025

Dec 24, 2024, 09:40 PM

Colombian President Gustavo Petro announced on December 24, 2024, from Zipaquirá, that the minimum wage for 2025 will increase by 9.54%, resulting in a new minimum wage of 1,423,500 Colombian pesos (approximately $322 USD) per month, effective from January 1, 2025. This decision was made via decree after negotiations between the government, business associations, and labor unions failed to reach an agreement. The increase translates to an additional 123,500 pesos for workers. Including the transportation subsidy, the total monthly compensation will be 1,623,500 pesos. Petro highlighted that the increase aims to improve the standard of living for those earning the minimum wage.