HE 2024 minimum wage in Colombia As of January 1, there is an increase of 12 percent. The percentage was determined by the Government of President Gustavo Petro after failing to reach an agreement among businessmen and labor unions who debated what the increase would be.
(For context: In Colombia, the minimum wage will increase by 12.07%; it will be 1,300,000 pesos in 2024).
According to the National Administrative Statistics Office (Dane) data shared by the Ministry of Labor, 2 million 600 thousand people receive monthly minimum wage.
Regardless of whether they receive the minimum or more because they are officially affiliated They need to cut the portion to be paid for health and retirement.
As stated in Law No. 1122 of 2007, Colombians must allocate an amount to contribute to the General Social Security System.
This is a contribution to health 12.5 percent of the salary is distributed as follows: 8.5 percent is paid by the employer and 4 percent by the employee.
HE retirement contribution This is 16%: 12% is borne by the employer, while 4% is paid by the employee.
(See: Minimum wage 2024: increase in transport assistance and who receives it).
Considering, The minimum salary for 2024 was $1,300,000, from which 4% of the health contribution ($52,000) and another 4% of the pension ($52,000) must be deducted.. So the worker will get Salary of $1,196,000 after deductions.
In Colombia, the minimum wage for 2024 increased from 1,160,000 dollars to 1,300,000 dollars. Transportation assistance increased from $140,606 to $162,000.
If we continue with the previous calculations; Transportation allowance of 162 thousand dollars should also be added to the salary of 1 million 196 thousand dollars that the employee receives after retirement and health contribution reductions. So you will receive $1,358,000.
(More: Minimum wage 2024: These are the Colombians who won’t get the increase).
The situation is very different for Colombians who are independent, for example those who have a contract to provide services. Health and retirement contributions are higher than those paid by employees who earn minimum wage or more and have another type of employment relationship.
Independents must contribute 12.5 percent for healthcare and 16 percent for pensions28.5% in total. This does not count the ARL payment.
(See: This is what the 2024 vehicle tax will be like: drivers, pay attention to the increase).
In a hypothetical situation, if your salary as a freelancer is $1,900,000, you would need to deduct $541,500. You will be left with $1,358,000.
– These are the requirements of ‘Jóvenes en Paz’, a program that will provide $1 million per month.
– Be careful: Check if you won up to $10 million from the Dian draw with an electronic invoice.
– In 2024, the SITP ticket price will also increase: This will be the value of batteries and buses.
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Source: Exame
