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The minimum wage in Colombia increased by 3.5% by 2021. This means that it remained at $ 908,526, plus a transportation assistance of $ 106,454.
What they received in 2020 was $ 877,803, plus $ 102,854 from the transportation subsidy.
(You may be interested in: Minimum wage: Has your purchasing power improved or worsened?).
“New minimum wage for 2021. For the first time in the history of Colombia and fulfilling a campaign promise, it will exceed, including the transportation subsidy, one million pesos,” said President Iván Duque.
New minimum wage for 2021. For the first time in the history of Colombia and fulfilling a campaign promise, it will exceed, including the transportation subsidy, one million pesos. In total it will be located at $ 1,014,980. (SMMLV $ 908,526 + transportation assistance $ 106,454).
– Iván Duque 🇨🇴 (@IvanDuque) December 29, 2020
“It is necessary to maintain the balance between purchasing power and protect and generate new jobs,” added the president.
So things, in specific terms, the minimum rose by $ 30,723 and the transportation aid, by $ 3,600.
(We recommend reading: Criticism of Duque for stating that the minimum exceeded one million pesos).
What do you buy with the $ 30,000 increase in the minimum wage?
The $ 30,000 increase in the minimum wage by 2021 they don’t make a big difference in the purchasing power of Colombians. In fact, the increase is more than 10% below that requested by the unions and data from the Banco de la República show that it is the lowest increase in history.
With these extra pesos it is not possible to afford luxuries, such as buying new clothes, going to the movies, going out to dance, ordering food at home, among others.
At prices this Wednesday, December 30, what a Colombian I could buy with that increase it would be 100 eggs or 19 bags of milk each month.
(You may be interested: This is how the minimum wage in Colombia is compared to that of other countries).
Taking into account the prices (First Quality) of Corabastos (also for December 30, 2020), this is the number of units or kilos that, with $ 30,000, you could purchase of each of the staple foods established by the National government in 2020:
- Rice for dry: 11.5 kilos ($ 2,600 per kilo)
- Long life milk: 19 bags ($ 1,560 a bag)
- Refined sugar: 9 kilos ($ 3,200 per kilo)
- Farmer cheese: 3.2 kilos ($ 9,400 per kilo)
- Sunflower oil: 5 kilos ($ 5,800 per kilo of oil (1000 cc))
- Green pea: 7.5 kilos ($ 4,000 per kilo)
- Big onion: 21.5 kilos ($ 1,400 per kilo)
- Scallion: 11 kilos ($ 2,800 per kilo)
- Black potato: 50 kilos ($ 560 per kilo)
- Creole potato: 30 kilos (1,000 per kilo of dirty Creole potato)
- Egg: 100 eggs (300 units of White Egg A)
- Orange: 27 kilos (1,100 per kilo)
That is, with $ 30,000 you could make a small market of 1 kilo of rice ($ 2,600), 2 bags of milk ($ 3,120), 500 grams of peasant cheese ($ 4,700), 12 eggs ($ 3,600), 2 kilos of oranges ($ 2,200) , 2 kilos of Creole potatoes ($ 2,000), 2 kilos of black potatoes ($ 1,120), 1 kilo of long onion ($ 2,800), 1 kilo of big-headed onion ($ 1,400), 1 kilo of green peas ($ 4,000) and 500 grams of sugar ($ 1,600). And that’s not including meat or chicken …
On the other hand, The $ 3,600 increase in the transportation subsidy would reach, for TransMilenio in Bogotá, for one more ticket and half of another … (currently, the cost is $ 2,500).
In cities like Ibagué, where the bus ticket, at this moment, is worth $ 1,800, it would be enough for two more trips and that’s it.
Among 20 Latin American countries for which there is data, the minimum wage in Colombia is located in position number 7, taking into account the highest purchasing power.
The one with the highest value – 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.
(Read on: The reactions of different sectors to the increase in the minimum wage).
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