The 2022 minimum wage discussion begins to heat up

The Minister of Labor, Ángel Custodio Cabrera, announced that they are close to starting the first meetings of the labor agreement table to pay the ground in the framework of the discussion of the minimum wage in Colombia.

With this, a process that is expected to be consolidated at the end of the year begins, waiting for two data that always condition the rise in the minimum wage in the country: the result of inflation and the data on labor productivity.

Precisely on the first, inflation, will revolve most of the debate, since this year it is expected that the cost of living may even increase by about 5%.

In fact, the Banco de la República estimates an inflation that in 2021 ends at 4.5%, a figure that would exceed the target range set by the issuer.

The point is that, according to various analysts, including Banco de la República itself, inflationary pressures are centered on supply phenomena (especially for the food segment) that will be temporary.

In other words, taking into account an inflation of 5%, which can even dropping to the 3% margin heading into next year could be a bit hasty.

Are there proposals?

At the moment, neither labor centrals, nor business associations nor the Government have been fully involved in the discussion, much less have they proposed an increase percentage.

The only point of reference we have is the economic expectations survey for July 2021, prepared by the Banco de la República and published in September of this year.

Recommended: Minimum wage in Colombia will rise 3.5% in 2021

The measurement showed that the salary adjustment expectations were for a variation of 4.10% for 2022, which would lead to the minimum wage in Colombia to rise by $ 37,250 and remain at $ 945,776.

It is expected then that in the coming weeks the letters of what would be the salary increase will begin to be uncovered. Several analysts, unions and even candidates for the Presidency have raised the possibility that the country begins to think about a minimum wage by regions.

Point that, in any case, must be dealt with in the framework of an eventual labor reform, as suggested, among others, by the National Federation of Merchants (Fenalco).

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