How much should the minimum wage be for a family to live well?

While the discussions around minimum wage in Colombia and the increase it will have in 2025, are many citizens who live and are heads or heads of families. In this sense, How much should the salary be for a household of four to live well?

According to the site LivingCost, the collaborative database with a cost of living calculator to compare prices in 9,294 cities in 197 countries around the world, The cost of living in Colombia for a family of four is 1,803 dollars per month (more than $7,800,000).

The calculation arises from the price of the consumer basket for a moderate lifestyle in developed countries. “Therefore, it may seem too high for some less developed countries where maintaining that standard of living is expensive,” they specify from the page.

And they added: “The cost of living in Colombia is USD 735, which is 1.49 times cheaper than the world average. Colombia ranks 130th out of 197 countries for cost of living and 131st as the best country to live in. The average salary after taxes in Colombia is USD 369which is enough to cover living expenses for 0.5 months”.

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How much should the minimum wage be in Colombia? This is what the AI ​​says

Salary

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This 2024, the minimum wage has been established at 1,300,000 Colombian pesos or 285.35 dollarswhich represents almost a 12% increase compared to 2023. Along these lines, ChatGPT revealed what amount should be for a family.

When asked what number could be the ideal, the application takes as a parameter what a single person spends. If food, housing, public services and transportation are taken into consideration, that number rises to 2,731,935 COP or $673 dollars per month to cover their basic needs.

Artificial intelligence points out, then, that the current minimum wage only covers approximately 48% of the monthly costs necessary to live adequately.

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