Court Suspends Colombia’s Record 23% Minimum Wage Increase
Workers on the top floor of a building under construction in the Las Palmas neighborhood of Medellin, Colombia.
Photographer: Esteban Vanegas/BloombergA Colombian high court suspended the record 23% minimum wage increase which spooked the central bank and caused inflation expectations to soar.
The Council of State gave the government eight days to issue a new decree. This must be accompanied by a detailed economic justification that takes into account the central bank’s inflation target and productivity growth, among other factors, the court ruled.