Petro makes historic raise to Colombia's 2026 minimum wage

Bogot , Colombia: Colombian President Gustavo Petro announced on Monday the country s minimum wage would increase by 23.7 percent starting in the new...

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.