The president has warned that the budget crisis "will not be paid for by the people," which points to a significant increase in the minimum wage if an agreement is not reached with unions and employers.

Colombian President Gustavo Petro has warned that the absence of a labor reform approved by Congress must be compensated by a minimum wage, given the threat that the legislature will overturn the labor reform, as it did last Wednesday with its tax reform.

Thus, through his 'X' account (formerly Twitter), the president has warned that the budget crisis "will not be paid for by the people", which points to a significant increase in the minimum wage if an agreement is not reached with unions and employers, within the framework of the negotiations that are taking place this week.

Colombian Labor Minister Gloria Inés Ramírez is confident that a tripartite agreement with employers and unions will be reached before Sunday to set a percentage increase in the minimum wage in 2025.

Meanwhile, the Colombian government has faced a heavy defeat in Congress, which for Petro translates into "a deep blow to the national economy and the people." "The consequences and the government's reaction will be complex," he warned.

"The political framework of the government forces must be adjusted in accordance with the behaviour of these forces in the vote on the financing law," the president said.