Introduction

In the ever-evolving landscape of global economics, the year 2024 has witnessed a significant paradigm shift with several countries opting to uplift the standards of their workforce through the adjustment of minimum wages.

Germany

Germany is set to raise its minimum wage to €12.41 ($13.51) per hour beginning on January 1, 2024, based on new recommendations from the country’s Minimum Wage Commission. The current minimum wage is €12 per hour.

Greece

Under the minimum wage provisions, the rate is automatically increased for every three years of the employee’s work experience with all employers, by up to 30% in total.

England

Britain’s minimum wage will be raised to ￡11 (€12.67) per hour, Finance Minister Jeremy Hunt will confirm on Monday at the Conservative Party’s annual conference.

The change is due to take effect from the start of the next financial year, April 2024.

Ireland

The increase in National Minimum Wage

As of 1st January 2024, the National Minimum Wage has increased by €1.40 per hour. Different age ranges will receive different wages, and they are affected as follows:

• Age 20 and over: increase from €11.30 to €12.70 per hour
• Age 19: increase from €10.70 to €11.43 per hour (90% of minimum wage)
• Age 18: increase from €9.04 to €10.16 per hour (80% of minimum wage)
• Age under 18: increase from €7.91 to €8.89 per hour (70% of minimum wage)

Columbia

BOGOTA, Dec 29(Reuters) – Colombia’s minimum wage will increase by 12% in 2024, Labor Minister Gloria Ines Ramirez said on Friday, taking the figure to 1.3 million pesos ($340) per month.

The increase in the minimum wage represents a hike of 140,000 pesos ($36.63) per month.

Mexico

Effective January 1, 2024, the daily minimum wage applicable will be MXN $374.89 (approximately USD $21.83) for the Free Zone of the Northern Border (Zona Libre de la Frontera Norte, ZLFN) and MXN $248.93 (approximately USD $14.50) for the rest of the country.

The National Commission on Minimum Wages (Comisión Nacional de los Salarios Mínimos or CONASAMI) decided different considerations that would increase by total 20 percent for 2024, based on the consensus of the employment sector and the government.

Costa Rica

The National Wage Council (CNS) approved a 1.83% increase in the minimum wages for the private sector, effective January 1, 2024.

Monthly Domestic Service: 2.33962%

Monthly Semi-Skilled Occupation: 0.3986390%

Skilled Occupations (employees paid per day): 0.3955514%.

Monthly Specialized Occupation: 0.5562880%

The Minimum Wage Decree for the Private Sector is applicable to employees, regardless of the time they have worked for the company.

The employees who will benefit from this salary increase are:

Those who belong to the private sector and currently receive the minimum wage, in accordance with their category.

Those who have agreed with the company that the increase will be recognized, even if their salary is higher than the one decreed by law.