Colombia Hikes Minimum Wage by 12%

story

DEC 2023

Image copyright: Presidencia de Colombia/Flicker via Wikimedia Commons

story last updated JAN 31

The Spin

Left narrative

Because inflation is expected to further trend down in Colombia and unemployment has fallen to 9%, this wage increase — as well as a 15% raise in monthly transportation allowance — will help millions of vulnerable citizens nationwide boost their purchasing power.

Ultimas Noticias

Right narrative

It's a popular misconception that increasing the minimum wage will benefit low-skilled workers. As this move forces the price of labor up, it ultimately reduces formal job opportunities. Rather than imposing the minimum wage in a nation like Colombia, politicians should be focused on human capital to boost productivity.

Forbes