Social Security
Colombia | Minimum salary increase for 2024
Summary
As of January 1, 2024, the Colombian Ministry of Labor increased monthly minimum salary and legal transportation aid for jobs in the private sector. The increase results in a minimum salary 12% higher in comparison to the minimum salary established for 2023.
The Detail
The monthly minimum gross salary and legal transportation aid has been set as follows. This increase also impacts the minimum integrated salary and social security contribution maximum base.
| Concept | Amount (in CO$) |
| Monthly minimum salary. | 1.300.000 |
| Monthly legal transportation aid. | 162.000 |
| Monthly minimum integrated salary. | 16.900.000 |
| Maximum base for social security contributions. | 32.500.000 |
*Monthly legal transportation aid: It applies to employees earning up to 2 monthly minimum salaries.
** Integrated salary: An integrated salary (salario integral) refers to a compensation package that includes not only the base salary but also various additional components, such as social legal benefits, bonuses, overtime, nighttime, Sundays, and holidays work. Vacation pay is not included in this salary. The minimum integrated salary is 13 times the monthly minimum salary.
*** Maximum base for social security contributions: The calculation base for healthcare, pension and labor risk contributions is capped at 25 times the monthly minimum Colombian salary.
What This Means
The minimum salary and legal transportation aid increase is applicable for both national and foreign employees. Thus, as of January 1, 2024, employers are required to raise the minimum ordinary and integrated salary.
For visa applications submitting after January 1, 2024, the average monthly income for Companies sponsoring visas will increase with the monthly minimum salary. Depending on the type of visa, Company’s bank statements for the past 4 – 6 months must demonstrate an average monthly income exceeding 100 Colombian minimum salaries.
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Further information on Vialto Partners can be found here: www.vialtopartners.com
Vialto Partners (“Vialto”) refers to wholly owned subsidiaries of CD&R Galaxy UK OpCo Limited as well as the other members of the Vialto Partners global network. The information contained in this document is for general guidance on matters of interest only. Vialto is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Vialto, its related entities, or the agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this document or for any consequential, special or similar damages, even if advised of the possibility of such damages.
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