Colombia’s middle class tightens belt while upper class sees comfy income hike
Colombia’s middle class tightens belt while upper class sees comfy income hike
Posted by Grace Brown on Oct 19, 2015
As Colombia’s economy slows down and inflation picks up, the country’s middle class professionals have seen a 3-6% salary drop. CEOs and company directors, however, received 11% more money over the past year.
According to a report published by Mercer, a global consulting leader in talent, health, retirement and investments, these changes have been happening as levels of inflation have increased this year in Colombia.
The inflation rate in Colombia was recorded at 5.35 percent in September of 2015, accelerating from 4.74 percent in the preceding month and above market expectations.
According to the report which is called the “Total Compensation” study, in 2014, professionals on average were receiving an average salary of just under $30,000, which has dropped by a significant 3% to under $28,000 in 2015. Academic professionals have suffered an even bigger blow, seeing a 6% decrease in their salaries equating to a drop from just under $8,000 a year to just over $7,000.
More:
http://colombiareports.com/colombias-middle-class-forced-to-tighten-belt-while-upper-class-sees-comfy-income-hike/