More than 85 goods and services will not raise 16% of the minimum wage - Sectors

SELF-REPRODUCTION

Price ranges for this 20232023 arrived with several price increases in products and services that will make Colombians continue adjusting their expenses after a difficult 2022 in economic matters.

With this measure, the Government seeks to protect the purchasing power of Colombian households.

In order to protect the purchasing power of Colombian households, the National Government prioritized the deindexation of more than 85 elements of the economy that are currently tied to the minimum wage increasewhich for 2023 was set at 16 percent (160,000 pesos).

To this end, the Ministry of Finance and Public Credit advanced in the issuance of three regulatory decrees, through which they were able to deindex charges, fees, fines, sanctions, taxes and stampsamong others.

(Also read: Gasoline in Colombia: discarded price up to 400 pesos in January 2023)

This year, these goods and services they will be tied to the Tax Value Unit (UVT)which, as established by the Dian, by 2023 had an increase of 11.6 percent and was set at 42,412 pesos.

However, going forward the Government will seek to create a measure that is closer to core inflation. “In the National Development Plan we will promote a new modification that allows us to unindex other valuesthat currently exist with some legal restriction”, said the Minister of Finance, José Antonio Ocampo.

(Read also: Minister of Finance: ‘Oil transition will last about 15 years’)

Through the package of issued decrees, the decrease in the increase of some rates will be seen in:

The rate applied for those who want to participate in contest merits by the National Civil Service Commission.
The cost to the corresponding habilitation of transport companies.
The tuition fees and pecuniary rights for students of the complementary training program of official Superior Normal Schools.
Compulsory Traffic Accident Insurance (Soat) and its tariff manual.