Colombia

Last Update by Katie, 13 May 2024

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Exchange Rate

13 Jun 2024

 

Cost of Living

Indicative value for a working adult in a city: Colombia

Publicly available data (Numbeo, etc..), verified by Marco’s in-country staff

Living Requirement Indicative Amount (COP)
McDonalds Set Meal 25,000
Monthly Train and Bus Tickets 140,130
3 Bedrooms Rental (City Center) 2,355,700
3 Bedrooms Rental (Outskirt) 1,801,820

Current Inflation Rate

5.4%

Wage

Minimum Wages

  • COP1,300,606/Month

Median Salary

Estimated based on general positions such as HR, Accounting, Admin roles, in tier one cities.

Job Level Monthly Salary (COP)
Entry-Level
Fresh Graduate
2,350,000
Mid-Level
5 Years
2,866,353
Experienced & Managerial Level
10 Years
9,050,000
Specialized & Senior-Level
15 Years
14,200,000

Annual Salary Growth

10%

Statutory Contribution

2 types of salary: regular and integral
If salary> 10 times minimum salary, employees are entitled to integral salary, include any allowance, bonus and overtime (without 13th salary).
Social security contribution base is 70% integral income, not higher than 25 times minimum salary.

Country Level

Type Employer Rates Employee Rates Notes
Pension 12%. Contribution capped at 25 times minimum salary.
If GDP in past 3 years is higher than 4%, then 45 times minimum salary
4% All staff
Solidarity Pension Fund 1% 1%: salary > 4 times minimum salary
1.02% - 2%: salary > 16 times minimum salary
All staff
Health Insurance 8.5%. 4% All whose income between 10 to 25 times minimum salary
Accident Insurance (Aportes de Riesgos Profesionales) 0.522%-6.96% - All staff
Payroll Tax 9% - All staff whose Income higher than 10 times minimum salary
Family Welfare 3% - All staff whose income under 25 times minimum salary
National Apprenticeship Service (SENA) 2% - All staff whose income higher than 10 times minimum salary
Remote Working Allowance COP 162,000 - All staff whose income higher than 2 times minimum salary
Cesantía 1 month salary - All staff
Thirteen Month Salary One month salary - All staff

Other Benefit

Other common employment benefits in Colombia include:

  • Additional Individual Health Insurance: 100 USD/ month

Income Tax

Residents

  • Taxable income calculated on Tax Unit (TU). 1 TU= COP 42,412
    Taxable period: 1st January - 31st December
    Tax file due date: April of following year

Country Level

Taxable Income Rate
0-1,090 0%
1,090-1,700 19%
1,700-4,100 28%
4,100-8,670 33%
8,670-18,970 35%
18,970-31,000 37%
>31,000 39%

Non-residents

  • Only focus on the income from Colombia.
  • The taxation rate is same to resident.

Working Hours

Statutory

46 hours
8 hours , 6 days a week

Typical practice

46 hours
Monday - Saturday

Overtime

Up to 2 hours/day, 12 hours/ week

  • Daytime: 06:00 - 22:00: 1.25% normal salary
  • Sunday, public holidays 21:00 - 06:00: 1.75% normal salary
  • Night shifts 22:00-06:00 : 1.35% times normal salary

Employment Contract

Permanent

Probation

2 months

Termination

  • Involuntary termination: Employer give 15 days notice in writing
  • Severance:
    income > 10 times minimum salary: 30 days salary for each year of service + 20 days salary * (service years -1)
    income <10 times minimum salary: 20 days salary or each year of service + 15 days salary * (service year -1)

Public Holiday

  • 18 days

Country Level

Date Name
01 Jan New Year's Day
08 Jan Epiphany
25 Mar Saint Joseph's Day
28 Mar - 29 Mar Maundy Thursday
01 May Labor Day
13 May Feast of the Ascension of Jesus Christ
03 Jun Feast of Corpus Christi
10 Jun Sacred Heart
01 Jul Saint Peter and Saint Paul
20 Jul Declaration of Independence
07 Aug Battle of Boyacá Day
19 Aug Assumption of Mary
14 Oct Columbus Day
04 Nov All Saints' Day
11 Nov Independence of Cartagena
08 Dec Feast of the Immaculate Conception
25 Dec Christmas Day

Leave

Leave Type Entitlement Notes
Annual Leave 15 working days Staff with 1 year service
Maternity Leave 18 weeks
1-2 taken before birth
Paid by Employer pay the salary, can be refunded by social security.
Employer pay the salary first, then refunded by social security
Paternity Leave 8 working days Expectant fathers
Employer pays the salary first, then refunded by social security
Sick Leave 180 days
First 2 days fully paid by employer
From day 3-180 paid by employer first, then refunded by social security
All staff
Mourning Leave 5 working days All staff

Reference

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