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Colombia

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Country Details

Currency

Peso (COP)

Official language

Spanish

Capital

Bogotá

Is English spoken?

Yes

Time Zone

GMT -5:00

Salary payment frequency

Monthly

General Overview & Economic Facts

Information

Colombia's economy is diverse, with key sectors including petroleum, mining, agriculture, and manufacturing. The country is also known for its coffee exports and has a growing technology sector. Approximately 30% of economic activity occurs in the informal sector.

Population size

51,874,000

GDP

$363.5B

Inflation level

4.60%

Average earning + minimum wage

Average monthly salary: COP 4,710,000 (~USD 1,074); Minimum wage: COP 1,300,000 (~USD 297)

Overview of the labour law

Colombian labor laws are governed by the Substantive Labour Code, which outlines regulations on employment contracts, working hours, and termination procedures. Recent reforms aim to enhance workers' rights, including proposals for shorter workweeks and increased overtime compensation.

Employment Details

Number of Public Holidays

18 public holidays annually

Working Hours

Maximum 48 hours per week; standard workday is 8 hours

Benefits
  • Health Insurance
  • Vision Insurance
  • Dental Insurance
  • Pension or 401(K)
  • Mental Health Support
  • Life and Disability Insurance
Overtime

Overtime is compensated at 25% above regular pay for daytime hours and 75% for work on Sundays and public holidays. Night work (9 PM to 6 AM) is compensated at 35% above regular pay. Overtime is limited to 2 hours per day and 12 hours per week.

Notice Period

Notice periods are not mandated by law but are typically outlined in employment contracts.

Probation Period

Maximum probation period is 2 months for general workers and 15 days for domestic workers.

Severance Pay

For employees earning less than 10 times the minimum wage: 30 days' salary for the first year of service and 20 days for each additional year. For those earning more: 20 days' salary for the first year and 15 days for each additional year.

Employee Income tax

Income tax rates are progressive, ranging from 0% to 39% based on income brackets.

Employer Social cost

Employers contribute approximately 20.5% of the employee's salary to social security.

Employee Social cost

Employees contribute approximately 8% of their salary to social security.

Benefit packages

Health Insurance
Vision Insurance
Dental Insurance
Pension or 401(K)
Mental Health Support
Life and Disability Insurance

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