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Colombia / Better to let parties negociate than to set minimum wage says President Santos

President Juan Manuel Santos emphasised Friday that “a minimum wage that is too high promotes unemployment and encourages informality,” pouring cold water on any hopes Colombians may have had in a significant increase in the minimum wage, El Tiempo reported.

“The goal [of any new wage agreement] should be to maintain the minimum wage’s current purchasing power, keep pace with inflation and if possible increase it by a small percentage on top of this,” Santos said Friday.

Santos instead believes the best approach to determining a new minimum wage is for employers and workers to discuss the issue and reach a compromise; only if the two parties fail to reach such an agreement would the government fix the increase “by decree.”

Choosen excerpts by Job Market Monitor from

FireShot Screen Capture #068 - 'A minimum wage that is too high promotes unemployment_ Santos - Colombia news I Colombia Reports' - colombiareports_com_colombia-news_economy_27434-a-minimum-wage-that-is-too-high-promot

via A minimum wage that is too high promotes unemployment: Santos – Colombia news | Colombia Reports.

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