The National Government has defined a 12,07% increase in the minimum legal wage for 2024, now set at COP$1.300.000 (Approx. USD325). In addition, the legal transportation allowance has been raised by 15,2%, reaching COP$162.000 (Approx USD$40,5).
Crucial factors:
– Employees that earn a salary equal to or less than COP$2.600.000 (Approx. USD$650) are entitled to the legal transportation allowance and clothing and footwear provision.
– The minimum integral salary for 2024 is set at COP$16.900.000 (Approx USD$4.225).
– The maximum limit for the base contribution income to the social security system is COP$32.500.000 (Approx USD$8.125).
– Employees that earn a salary equal to or higher than COP$5.200.000 (Approx. USD$1.300) are obliged to pay quotations to the Pension Solidarity Fund.
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