The Colombian Government issued Decree 2647 of December 23, 1999, regulating the minimum wage to be in effect in Colombia as of 1 January, 2000 and up to 31 December, 2000.
The wages from 1999 and year 2000 are shown below:
|
Minimum Wage |
1999 (Decree 2560, 1998) |
2000 (Decree 2647, 1999) |
|
Daily (in Col. Ps.) |
$ 7.882,00 |
$ 8.670,00 |
|
Monthly (in Col.Ps.) |
$ 236.460,00 |
$ 260.100.00 |
The new wage is in fact an increase of 9.9974% over the last year´s minimum.
The minimum wage rule for the legal 48 hour-working week (normally divided into 8 hours per day for 5 working days.)
The minimum wage is specially important in Colombia, not only as a reference for labor costs but also because many items are indexed by the Government to it, such as the cost of fines.
