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Proposals to increase the 2021 minimum wage for Colombia are already on the table.
Some members of the business union suggested an increase of 2%, which is equivalent to $ 17,556 Colombian pesos. If this proposal were executed, next year the value of the minimum wage would be around 895,363 pesos and when adding the estimated transportation subsidy (104,911 pesos), 1,000,547 pesos would be received.
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That amount is far from the proposal of the unionists, who demand that the salary be increased more than 9 times what the family basket is increasing. Annual inflation in Colombia is 1.49 percent, the lowest in 65 years, and unionists speak of a 13.9 percent increase, that is, a salary of one million pesos plus a transportation subsidy of 120,000 pesos.
Among 20 Latin American countries for which there is data, the minimum wage in Colombia is ranked number 7.
The range of purchasing power of wages in Latin America is very varied since the highest value – that of Costa Rica – is equivalent to a purchasing power in Colombia of 1,160,000 pesos. Meanwhile, the lowest is equivalent to 1 dollar, In Venezuela.
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As each country has different prices, in its own currency, the way to compare the purchasing power of salaries is by calculating what volume of goods can be paid with the salary in each country, and expressing that basket in a known equivalent system as Purchasing Power Parities (PPA).
Comparing with PPA, and bringing the values to pesos, in second place is Ecuador with the equivalent of 1,068,000 pesos, while Paraguay, with 1,062,000 pesos, and Chile (1,041,000 pesos), are located in third and fourth place respectively.
Seven thousand pesos below Chile, and ranking fifth, is Bolivia (1,033,000 pesos). It is followed by Guatemala, with 1’001,000 pesos, then Colombia with 877,903 pesos and Honduras appears in eighth place with 852,000 pesos.
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Panama and Peru are above Colombia in the list.
The ninth place is occupied by Panama with 763,000 pesos, and in the tenth position is Argentina, with 759,000 pesos.
Uruguay’s current salary has a purchasing power equivalent to 711,000 Colombian pesos, which is why it is ranked 11th, above Peru, which has a minimum salary equivalent to 681,000 pesos, and the Dominican Republic, with 620,000 pesos.
El Salvador and Brazil are in positions 14 and 15. The first with a purchasing capacity equivalent to 596,000 pesos and the second with 585,000 pesos.
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The highest value – that of Costa Rica – is equivalent to a purchasing power in Colombia of 1’160,000 pesos
With six thousand pesos less is Mexico (579,000 pesos), followed by Nicaragua with 488,000 pesos and Haiti with 322,000 pesos
Finally, Cuba appears with 15 dollars and Venezuela with 1 dollar. However, in these two countries, the statistics prevent having a reliable equivalence of purchasing power.
On the eve of saying goodbye to 2020, it will be necessary to see what percentage of increase will be determined in each country and if by 2021 these positions will be maintained.
The negotiation sessions cited by the Permanent Commission for the Agreement on Salary and Labor Policies they do not yet result in an agreement that meets the requirements of both parties. Thus, it is most likely that the Government will be in charge of deciding the value of the minimum wage.
(Also: The real increases in the minimum wage in the country)
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