Colombia would continue with one of the lowest minimums in the region

The salary increase for 2023 was defined at 16% after an agreement between the unions and guilds. This implies that it will be $1,160,000 pesos plus the transportation subsidy, which increased by 20%. In total, the salary in Colombia will be 1,300,606.

(Read: Venezuelan Bolívar wobbles again: what makes it so unstable?).

President Gustavo Petro assured that with this increase he hopes to recover “the purchasing power that has been lost in recent months due to inflation.” Next we show you How much did minimum wages increase in Latin America?

President Gabriel Boric promised that in his government the minimum wage should gradually reach 500,000 Chilean pesos (approximately 2,700,000 Colombian pesos).

For this reason, in May it made the first increase from 350,000 to 380,000 pesos, which increased again in August to 400,000 pesos. Now, the Executive established that the amount for the beginning of 2023 will be 410 thousand pesos, equivalent to about 2 million 240 thousand Colombian pesos.

Brazil.

EFE

The minimum wage in Brazil as of January 1 was established taking into account a growth of 5.81% of inflation plus a real increase of about 1.5%. Thus, it went from 1,212 reais to 1,302 (approximately 1,170,000 Colombian pesos).

Mexico

TIME

President Andrés Mauricio López Obrador confirmed a few days ago that the salary increase for 2023 will be 20%, which allows going from a salary of 172 pesos a day to 207. Monthly, this is equivalent to 6,310 pesos (approximately 1,530,000 Colombian pesos). ).

(See: The most devalued currencies in Latin America in 2022).

Guillermo Lasso, President of Ecuador.

AFP

The Ecuadorian Government increased the basic salary for 2023 and placed it at 450 dollars, which makes it one of the highest in the region. In Colombia, that value is equivalent to about 2 million 150 thousand Colombian pesos. President Lasso promised that at the end of his term, in 2025, the minimum wage would reach $500.

Argentina is one of the hardest hit economies in South America.

iStock

The Argentine Government decided to make a gradual increase of 20.04% of the minimum wage. In this way, in December it increased by 7%, in January it will rise by 6%, in February by 4% and in March 3.04%, then reaching 69,500 Argentine pesos, equivalent to approximately 1,930 Colombian pesos.

(Also: Venezuela, the ‘only Latin American country with armed drones.’)

Boasting the highest monthly minimum wage in Latin America, 19,364 Uruguayan pesos, equivalent to 2,400,000 Colombian pesos, this country has not announced an increase for next year.

The basic salary in Peru this year is 1,025 soles (approximately 1 million 282 thousand pesos). They have not yet established an increase for 2023 and the country is currently facing a political crisis after the dismissal of Pedro Castillo.

The increase in this country in the minimum wage is carried out in July, taking into account the annual Consumer Price Index. For the moment, the basic land remains at 1 million 785 thousand guaranís, which is equivalent to about 1 million 189 thousand Colombian pesos.

This year, the basic salary in Bolivia has been 2,250 bolivianos (approximately 1,560,000 pesos) and the Government has not announced an increase for 2023.

(Read: What’s next for countries with the lowest and highest inflation in Latin America).

Nicolas Maduro

Time

So far there is no official information about an increase in the minimum wage in Venezuela. Currently it is 130 bolivars, which makes it one of the lowest in Latin America and the world. Its equivalent in Colombia is 40 thousand Colombian pesos.

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With information from EL TIEMPO*