El impacto del incremento en el salario mínimo en el empleo de las diferentes ocupaciones en los principales sectores económicos de Colombia entre 2021 y 2023

Abstract

In this study, an analysis of the labor market situation in Colombia will be conducted from 2021 to June 2023. Similarly, it will estimate how increases in the minimum wage impact employment in Colombia for the main occupations of workers in the country, especially in the most economically relevant sectors in terms of the number of workers they generate. This study will be carried out using a sample of data extracted from the Gran Encuesta Integrada de Hogares on the population of employed individuals in the Colombian labor market. It will be analyzed through descriptive statistics to assess the situation of workers, such as income levels, occupational positions, formal and informal employment, and their distribution across economic sectors. Finally, through the use of panel data, the sensitivity of employment in economic sectors to changes in the minimum wage will be estimated, and the results will be studied based on the classical economic theory of perfect and imperfect competitive markets. Heterogeneity is observed among different sectors and occupations, which is important to consider in the analysis. For some labor submarkets, the wage employment elasticity is negative, which is consistent with the understanding of markets closer to perfect competition, especially in the hotel and education sectors. For other submarkets, the wage-employment elasticity is positive, indicating the presence of imperfect competition and companies with market power, as is the case in the trade and manufacturing sectors.