HR & Labor
The minimum wage is COP644 per month.
The employer contributes 14%.
The employee contributes 4%. If the employee’s salary exceeds the minimum wage between 4 to 15 times, they must contribute additional 1% to the pension fund.
If it’s a fixed contract employee, the employer is responsible for the salary amount remaining until end of the contract. If it’s an ongoing contract, employees receive their severance payments based on how much they make. If an employee’s salary is 10 times the minimum legal wage, they receive 30 days of regular salary if they have worked in the company for a year. For any additional years, they receive 20 days of regular salary. If the employee makes equal to ten times the minimum legal wage, they will receive 20 days of regular salary. Additional 15 days of regular salary per each year they worked in the company.
The advance notice must be 30 days.
The employer must provide the employee with 15 days notice.
The first two days of absence, the employer pays 66.67% of the regular wage, from 3rd day on, the compensation is paid by General Health Social Security System.
Employees are entitled to 15 vacation days.
There are 18 public holidays.
If employee works on a holiday, they receive 150% of regular wage.
Additional Employee Withholdings
1) Medical Benefits
1) Employer contributes 8.5%.
1) Employee contributes 4%.
VAT is 16% standard rate.