Currency: Colombian peso, COP (Rate)
Public Holidays: 12 public holidays (see here)
Employer Taxes: 25% of gross salary
Official Language: Spanish
Payroll frequency: Bi-weekly/monthly
13th / 14th Salary: (what's this?) ****Employees are entitled to a 13th salary equivalent to one month's salary.
The notice period for dismissal of employees with fixed-term contracts is 30 days. But
For employees with fixed-term agreements, severance pay should be equal to the salary owed to them until the end of agreement period.
For employees with an indefinite term agreement, earning more than 10 minimum legal monthly wages (COP 8,778,030), severance pay is equal to 20 days of salary for the first year of service and 15 days of salary for each additional year of service (proportional to the fraction of a year).
Fixed-term contracts: No longer than 1/5th of the initially agreed employment term
Indefinite contracts: Two months
877,803 COP per month
Post-employment non-compete agreements are generally invalid and unenforceable.
Eight hours daily, six days per week, 48 hours weekly. However, the 8-hour daily limit does not apply to managerial and supervisory workers.
Overtime work is paid at 125% of the regular pay rate during the day and at 175% during the night.
Overtime is limited to two hours per day and 12 hours per week.
Employees who have worked for at least a year are entitled to 15 consecutive paid days of annual leave.
Employees must take at least six annual leave days a year. Unused vacation days beyond this can be accumulated for a period of two years, based on prior agreement.
Employees are entitled to indefinite paid sick leave if they present a certificate authorising illness. Sick leave is paid at the rate of 2/3rd of regular salary. It is paid by the employer for the first two days, and thereafter by the General Health Social Security System (Sistema General de Seguridad Social).
Employees are entitled to 18 weeks of fully paid maternity leave. This can be split into 1 week before and 17 weeks after birth.
Employees are also entitled to eight working days of fully paid paternity leave.
This is paid by the employer, who can claim payments back from social security.
<aside> 💡 You can get a detailed breakdown of the employer contributions for any gross salary by using our Oyster Platform Quote Generator.
</aside>
Tax Units (1 Tax Unit= 35,607 COP)
As of 07/19/2022 - Please note a tax unit equals to 1 Tax Unit= 36,308 COP
0.0% 0-1,090 Tax Units
19.0% 1,090-1,700 Tax Unit
28.0% 1,700- 4,100 Tax Units
33.0% 4,100- 8,670 Tax Units
35.0% 8,670- 18,970 Tax Units
37.0% 18,970- 31,000 Tax Units
39.0% 31,000 Tax Units
➡️ Check out this Hiring with ITOS page
<aside> 🌍 ← Country Knowledge Base
</aside>
<aside> 🚀 Check out our public Oyster HQ
</aside>