Colombia’s monthly average salary is less than half the global average of $1,480, according to figures from the BBC and the International Labor Organization.

Colombia, with an average monthly salary of $692 ranked 54 out of 72 countries on the global pay scale.

Colombia’s legal minimum wage for 2012 is $328, which is 47% of the average Colombian salary of $692 and 22% of the global average.

In comparison to its biggest competitors in the region, the Colombian average salary is better than that of Mexico ($609) but worse than Brazil’s ($778).

 

Colombia is no longer as competitive as it was in attracting multinational corporations because the cost of labor has risen. “But the fact that [labor] is not as cheap as it used to be benefits the people of Colombia,” he said.

It is worth noting that Colombia’s millions of informal workers comprise 51% of the workforce in urban areas.

Globally the country with the highest average salary was Luxembourg with $4,089 while the country with the lowest average salary is Tajikistan with $227.