Bancolombia Chief Backs 8% to 9% Wage Rise

COLOMBIA · BANKING

Bancolombia minimum wage talk moved on Friday 23 October 2026, when its president said Colombia’s minimum wage should rise 8% to 9% for 2027. Juan Carlos Mora, who runs parent company Grupo Cibest, spoke at the Camacol construction congress in Cartagena.

For US readers the signal matters because Grupo Cibest shares trade on the New York Stock Exchange as American depositary receipts under the ticker CIB. A wage rise of this size can feed into inflation, interest rates and payroll costs for any firm that hires in Colombia.

We covered the opening of this year’s pay talks in Colombia Wage Commission Opens Early 2027 Talks and an economist’s forecast in Colombia Minimum Wage: Economist Sees 9% to 10% Rise for 2027 as Talks Begin. This report adds the view of the head of Colombia’s largest bank, a lender to the households and firms that live with the decision.

The Bancolombia Minimum Wage Proposal

Mora said Colombia should go back to the older rule that builds the minimum wage from inflation and productivity, plus perhaps a few small points. He told the congress the main aim is to stop workers losing buying power.

Valora Analitik gave his range as 8% to 9%, while Semana wrote 8.5% to 9% and quoted his sum of inflation of 6.29% plus 1.5 or 2 points of productivity. Those two inputs add up to about 7.8% to 8.3%, so the rest is the small margin he mentioned, which is our calculation.

Mora also called the minimum wage a social matter, because families depend on that income. He said the answer must balance what suits the economy with what suits workers.

The 2026 rise is the backdrop to his remarks. The government of former president Gustavo Petro raised the wage by about 23%, far above inflation at the time, and Corficolombiana, a bank, estimated it explains 53% of the acceleration in prices between December and September.

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The Numbers in Pesos and Dollars

Colombia’s minimum wage for 2026 is COP 1,750,905 a month (about US$554), not counting the transport allowance. We convert at the official rate of COP 3,158.43 per US$, valid for 24 to 26 October and published by Colombia’s financial regulator.

Valora Analitik calculated that 8% would lift the wage to COP 1,890,977 (about US$599) and 9% to COP 1,908,486 (about US$604). The monthly gain would be COP 140,072 to COP 157,581 (about US$44 to US$50), which is our calculation.

DANE, the national statistics agency, put annual inflation at 6.29% for September, released on Wednesday 7 October 2026. Prices are up 5.74% since December, and the central bank’s policy rate stands at 12.25% after its 30 September decision.

Who Decides and When

The figure is negotiated by the government, unions and employer groups. The Labour Ministry, led by Natalia López Fuentes, held the first session of its wage commission on 1 October, with comments due by 9 October.

IFM Noticias reported that the formal table is expected to be installed toward the end of November. Under Law 278 of 1996 the commission should decide by 15 December, and if there is no consensus the government sets the wage by 30 December.

Unions may ask for far more than Mora. Fabio Arias, a former president of the CUT union federation, said workers plan to bring a 38.5% rise to the table, although he stressed the figure is not final.

Corficolombiana, the financial group, proposed 8% on the traditional rule, using projected 2026 inflation of 6.8% and productivity of 1.2%. In July, Miguel Gómez Martínez, then the designated finance minister of President Abelardo de la Espriella, said the wage cannot rise far above inflation and should grow with productivity.

What Else Cibest Said on Growth

At the same event Mora said Colombia’s potential growth is close to 3% and could reach 6% only gradually, which needs more national and foreign investment. The 6% goal is the government’s, according to La FM.

He called public finances one of the country’s most important economic issues and backed seeking International Monetary Fund support to give fiscal measures credibility. Other bankers on the panel also asked the government for a credible fiscal adjustment and incentives for investment, El Colombiano reported.

Cibest’s own research team had already cut its 2027 growth forecast to 2.4%, as we reported in Colombia’s Largest Bank Sees 2027 Growth Slowing to 2.4% on Spending Cuts. Our explainer Bancolombia Explained, Colombia’s Largest Bank in 2026 describes the bank itself.

What It Means for You

Investors in the CIB receipts can watch the company’s own calendar, which lists the third-quarter results call for Tuesday 10 November 2026. A high wage outcome would add to the cost pressures behind the central bank’s 12.25% rate, whose next decision is due on 30 October (see Colombia’s 12.25% Rate Faces 30 Oct Vote).

Employers with staff in Colombia should watch whether the Bancolombia minimum wage range sets the tone, since pay scales tied to the minimum wage move in January 2027. Our guides Who Runs Colombia’s Economy, the Key Players in 2026 and Colombia Explained give the wider picture.

Visitors and residents in Bancolombia’s home city can read our Medellín expat city guide for day-to-day costs. A higher minimum wage lifts the pay floor for domestic and service workers, though prices also respond.

What Is Not Known

The final 2027 wage is not known, and the Bancolombia minimum wage range is one voice among many. Reports of his remarks differ slightly, giving 8% to 9% in one outlet and 8.5% to 9% in another.

The sources reviewed do not say whether the range is a formal Cibest position or a personal view, and no Cibest research note with the same figure was found. They also do not show whether other business leaders at the congress agreed.

The Council of State has admitted a lawsuit against the 2026 decree, and the retail group Fenalco has also asked it to annul the rise, but no ruling is known. The table has not formally opened, so unions, employers and the government may still change their positions.

Frequently Asked Questions

What did the Bancolombia president say about the minimum wage?

Juan Carlos Mora said the 2027 minimum wage should rise 8% to 9%, based on inflation, productivity and perhaps a few extra points. He spoke on Friday 23 October 2026 at the Camacol congress in Cartagena.

How much would 8% to 9% add to the monthly wage?

It would add COP 140,072 to COP 157,581 (about US$44 to US$50) to the current COP 1,750,905 (about US$554). That brings the wage to roughly US$599 to US$604, our calculation.

Who decides Colombia’s minimum wage?

The government, unions and employer groups negotiate it, and the government can decree it if they fail to agree. The legal deadline for a decree is 30 December.

Is Bancolombia part of the pay negotiation?

Bancolombia and its parent Grupo Cibest are not named among the negotiators in the reports reviewed. The talks involve the government, unions and employer groups.

Why does a Colombian wage rise matter in the US?

Grupo Cibest shares trade in New York as CIB receipts, and a larger wage rise can affect inflation and interest rates. US firms with Colombian staff would also face higher pay floors.

Sources: Valora Analítik, 23 October 2026; Semana, 23 October 2026; La FM, 23 October 2026; El Colombiano, 23 October 2026; DANE consumer price index, September 2026; Banco de la República, September 2026 decision; Grupo Cibest financial calendar; Grupo Cibest share information; Bancolombia research on 2027 growth.

Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error