Almost 10 million workers in 22 states will get raises on January 1. See where wages are rising.
CBSDEC 2023
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.
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.