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Colombia considering guaranteed minimum income as famine looms
by Adriaan Alsema May 12, 2020
Almost half of Colombia’s senators signed off on a proposal to urgently implement a guaranteed minimum income for more than 70% of the population.
The radical proposal would temporarily guarantee 31 million people a monthly income of $225 (COP877,000), which is equal to the current minimum wage.
This proposal guarantees the population the dignified survival and support of the labor force during the emergency, threatened by unemployment, loss of income and the destruction of businesses.
Senators
The cost of the proposed minimum income would be approximately $10.4 billion (COP40.5 trillion), which is 4% of the country’s gross domestic product.
This money would have to come from an increase in property tax, the cancellation of corporate tax discounts approved in December, a major restructuring of state government expenses and a loan from the central bank.
More:
https://colombiareports.com/colombia-considering-guaranteed-minimum-income-as-famine-looms/
