BOGOTA (Reuters) – Colombia's minimum wage will increase by 9.54 percent in 2025, President Gustavo Petro said on Tuesday, announcing the increase by decree after no agreement was reached between the government, business associations and labor unions.
Petro said the minimum wage in 2025 will rise to 1.4 million pesos ($323.90) per month, up from 1.3 million pesos per month this year.
This increase is less than the increase announced for this year. At the end of 2023, the government announced that the minimum wage for 2024 would increase by 12%.
Business groups and unions reached an agreement with the government on minimum wage increases for 2022 and 2023. No agreement was reached on the minimum wage this year.
The Colombian Central Bank's technical team expects annual inflation in Latin America's fourth-largest economy to close this year at 5.3% before slowing to 3.1% by the end of 2025.
($1 = 4,395.44 Colombian pesos)
