Minhacienda prepares package of measures for SMEs due to minimum wage increase
The National Government is advancing a package of measures for companies, especially small and medium-sized enterprises (SMEs), with the aim of facilitating the adjustment of the 23.7% minimum wage increase and protecting formal employment.
TL;DR
- The National Government is developing a package of measures for companies, especially SMEs, to ease the adjustment to a 23.7% minimum wage increase and safeguard formal employment.
- The Minister of Finance stated that reversing the minimum wage increase would be inconvenient, unconstitutional, and legally unviable, highlighting its integration into the economy and household finances.
- Support measures include strengthening foment credit through Bancóldex for SMEs to improve liquidity and access to working capital.
- The government is considering compulsory investment mechanisms from the financial system to expand financing for businesses sensitive to increased labor costs.
- Compensations are being evaluated to support productive employment, with a focus on SMEs and sectors facing difficulties due to the minimum wage hike.
- A decree will be issued to comply with a Council of State ruling, and ongoing dialogue with business and labor sectors will continue for complementary measures.