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BOGOTA (Reuters) -Colombia’s minimum wage will increase by 9.54% in 2025, Colombia’s President Gustavo Petro said on Tuesday, announcing the hike by decree after a deal was not reached between the government, business associations and workers unions.<\/p>\n
The minimum wage in 2025 will rise to 1.4 million pesos ($323.90) per month, Petro said, up from 1.3 million pesos per month this year.<\/p>\n
The increase is smaller than the hike announced for this year. At the end of 2023, the government announced the minimum wage for 2024 would increase by 12%.<\/p>\n
Business groups and unions had reached an agreement with the government over minimum wage increases for 2022 and 2023. A deal was not reached for the minimum wage this year.<\/p>\n
The technical team of Colombia’s central bank forecasts annual inflation in Latin America’s fourth-largest economy will close this year at 5.3% before slowing to 3.1% by the end of 2025.<\/p>\n
($1 = 4,395.44 Colombian pesos)<\/p>\n
(Reporting by Nelson Bocanegra, Carlos Vargas and Oliver Griffin; Writing by Oliver Griffin; Editing by Chris Reese and Alistair Bell)<\/p>\n<\/p><\/div>\n