Date Format dd−mm−yyyy
Employer //= json_encode($tax_row) ?> 12.00% - Pension Fund
8.50% - Medical Plan
9.00% - Family Welfare Fund
//= $tax_row['total'] ?> //= json_encode($tax_row) ?> //= $tax_row['total'] ?> //= json_encode($tax_row) ?> //= $tax_row['total'] ?>
Employee //= json_encode($tax_row) ?> 4.00% - Pension Fund
4.00% - Medical Plan
//= $tax_row['total'] ?> //= json_encode($tax_row) ?> 0.00% - Up to 36,140,040
5.05% - 36,140,040 - 56,365,200
9.15% - 56,365,200 - 135,939,600
11.16% - Over 135,939,600
//= $tax_row['total'] ?> //= json_encode($tax_row) ?> //= $tax_row['total'] ?>
Termination Process Employers must provide the employee with 15 days notice.
Advance Notice The advance notice must be 30 days.
Severance Pay 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.
Pension Fund The employer contributes 12%. 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.
Social Security Employers contribute 29.5% of workers wages, and employees contribute 8% of salary. Contributions are towards funds for pension, medical plan, and family welfare fund.
General The minimum wage is COP781,242 ($273.59) monthly.
Paid Time Off
Vacation days Employees are entitled to 15 vacation days.
Sick days 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.
Maternity Leave Expecting mothers are entitled to 14 weeks of maternity leave taken 2 weeks before birth and 12 weeks after.
Paternity Leave This law confirms that paternity leave (paid) will be equivalent to 8 business days after childbirth.
Parental Leave No statutory regulation.
General Full time employment is considered 48 hours weekly, and 8 hours daily. Hours in one day cannot exceed 10.
Overtime Maximum overtime in one week is 12 hours.
General 19% standard rate
Payroll Frequency The payroll frequency and paydays are decided between the employer and employee.