Colombia's President Gustavo Petro delivers a speech during the commemoration of the 134th anniversary of the National Police and the promotion of officers at the General Santander Police Academy in Bogota on November 13, 2025. (Photo by Raul Arboleda/ AFP)
Bogotá, Colombia: Colombian President Gustavo Petro announced on Monday the country's minimum wage would increase by 23.7 percent starting in the new year, its highest raise in 25 years.
The increase, coupled with the government's transportation subsidy, would take the monthly minimum wage from 1.6 million pesos ($422) to two million pesos ($520).
"With these measures, we seek to reduce inequality," Petro said in a speech alongside Labor Minister Antonio Sanguino, though he added that "there will be pressure on prices."
Petro has overseen a series of minimum wage hikes since coming to power, including a 16 percent raise in 2023.
Colombia's Ministry of Finance and Public Credit said Petro's administration has raised the minimum wage by 42.4 percent over the past three years.
Roughly half of workers in Colombia, many of whom work informal jobs, make less than the minimum wage, according to Colombia's National Administrative Department of Statistics.
Fabio Arias, president of one of the largest labor unions in Colombia, said business leaders complaining about the wage hike were lamenting that "working people could start doing well."
Colombia's economy has exceeded analyst projections, with GDP growth between 2.6 and 2.7 percent expected by the end of the year
