On Tuesday, negotiations will begin on increases and the minimum wage in Colombia in 2024, and although the increase will directly affect more than two million Colombians, it will also affect the rest of the workforce.
Some companies take this increase as a reference for other salaries and to adjust other matters.
According to data from the Ministry of Labour, there are 2 million 246 thousand people who earn the current statutory monthly minimum wage between January and September 2023. That is, 9.9 percent of the employed in the country (22 million 703 thousand).
In Colombia, the minimum wage is established in principle by agreement between the members of the Permanent Commission for the Coordination of Wage and Labor Policy, where It includes the private sector, unions and government.
Once an agreement is reached, the government has the power to set this value, taking into account factors such as: inflation forecast for 2024, productivity, the contribution of wages to national income and growth in both gross domestic product and consumer prices. index.
An increase in this item affects contractual adjustments, for example, that the worker must earn a certain number of minimum wages. In addition, this increase affects the labor costs of organizations, because changes in payroll mean a budget adjustment that can affect profits.
Another effect is that the wage adjustment might not affect workers who earn more than this figure, but It includes those earning the comprehensive minimum wage, workers with an income higher than 10 minimum wages.for even this salary increases every year.
As explained by María Isabel Vinasco Lozano, Litigation Coordinator at Godoy Córdoba, if the company does not implement this change in 2024, it may lead it to obtain fines or penalties.
“The implementation of this increase is not voluntary, Compliance is mandatory for workers who earn the minimum wage and those who earn the full wage.because the right to a minimum reward is established, which is not assignable.
If the company failed to comply with this provision, it would be subject to an administrative investigation with the imposition of a fine of 1 to 5,000 times the current minimum monthly wage, depending on the severity of the offense.
On the other hand, it may have other consequences, such as the termination of the employment contract due to the fault of the employer with the corresponding payment of compensation for the termination of the employment contract, the filing of a lawsuit for the return of the relevant salary and benefit. .
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