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Colombia’s middle class tightens belt while upper class sees comfy income hike

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As Colombia’s economy slows and inflation picks , the country’s middle class professionals have seen a 3-6% salary . CEOs and company directors, however, received 11% more money over the past year.

According to a report published by Mercer, a global consulting leader in talent, health, retirement and investments, these changes have been happening levels of inflation have increased this year in Colombia.

The inflation rate in Colombia was recorded at 5.35 percent September of 2015, accelerating 4.74 percent in the preceding month and market expectations.

Colombia’s central bank raises projected 2015 inflation to 4.5%
According to the report which is called the “Total Compensation” study, in 2014, professionals average were receiving an average salary of just under $30,000, which has by a significant 3% to $28,000 in 2015. Academic professionals have suffered an even bigger blow, seeing a 6% decrease their salaries equating to a drop just under $8,000 a year to just over $7,000.

the other end the spectrum, presidents and company directors have enjoyed significantly larger salaries as their wages have been increased 6-11%. On average, those the higher end of the career ladder saw their annual salaries rise from over $55,000 a year to just under $59,000.

Executives who are even larger salaries have seen their annual income inflate 11% from just under $110,000 a year to over $120,000 while president incomes have increased by 8%, from almost $180,000 to $200,000.

According to Mauricio Luque, senior consultant at Mercer, wage trends are often linked different variables. With 2015s rapid drop the value of the Colombian Peso following the global fall in the price of oil, has come such changes in higher salaries.

Colombia peso hits record low, dollar closing on COP3000 mark
“This has motivated companies to take a better look the revision of their salary policies and the way which they define the increases. This means that this year and probably next year, is going to create major challenges them since the adjustments made in previous years are hardly likely to be maintained due the deceleration of the economy,” said Luque.

The report also demonstrated the disparity such jobs and the average job, showing that most formal Colombian workers receive just over $200,000 a year, making them part of the “poor, vulnerable population” defined the World Bank.


Colombia’s middle class tightens belt while upper class sees comfy income hike

Ricky Rutledge
Quiz by , created almost 2 years ago

A Business-focussed quiz, targeting Prepositions.

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Ricky Rutledge
Created by Ricky Rutledge almost 2 years ago