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Colombia

Employee Benefits Report

Product Employee Benefits Reports Rev Colombia

Key Highlights

Get access to Axco’s online product for a comprehensive understanding of employee benefits in Colombia

  • Details of the state and compulsory benefits
  • Insight into typical market practice
  • Examines changes to the costs and benefits of social security and mandatory benefits requirements
  • Demographic and economic information including projections
  • Mandatory pension provision, normal and parental leave and other state benefits
  • Details of applicable taxation
  • Extensive geopolitical and operational risk analysis

Report Overview

Comprehensive employee benefits information for Colombia. Details mandatory benefits and plans as well as typical market practice. Includes data on pensions and retirement benefits, employee leave and termination indemnities.

Axco's employee benefits report for Colombia provides expert analysis of the Colombian benefits landscape, detailing state and compulsory benefits and local market practice across necessary to know when employing staff in Colombia or thinking of entering the market.

The comprehensive report is produced by a dedicated research team with years of experience in international employee benefits. The report outlines all key benefits in Colombia, including insight into changes to the costs and benefits of social security and mandatory benefits requirements, as well as typical employer practice. Information and necessary details on new legislative mandates are regularly updated to ensure you remain compliant.

Suitable for international employee benefits consultants, brokers or corporates looking at establishing business in Colombia, the report outlines the employment benefits requirements for your employees in Colombia. Coverage extends to retirement benefits, death in service benefits, long-term disability, medical benefits, workers compensation, personal accident insurance, termination indemnities, maternity benefits & maternity/paternity benefits and other employee and state benefits.

Axco analysts also report on the economy of Colombia, the local political situation, and climate, operational, and security risks.

Colombia Report Extract

Below is a very brief extract of information from the Colombia Employee Benefits Report; more updated information may be available in the latest published report.

Retirement

Benefit Provider

State & Compulsory Benefits

Retirement benefits are provided through one of the following General Pension System regimes:
Average pension regime (regimen de prima media - RPM) - administered by the Colombian Pension Administrator, or Individual savings regime (regimen de ahorro individual con solidaridad - RAIS) - administered by a pension fund administrator as chosen by the employee. Employers may be required to provide …

Typical Employer Practice

Employers do not typically provide supplementary retirement benefits although some employers (typically operating in these sectors …

The report contains more information on retirement benefits in Colombia including Benefit Provider; Type of Plan; Eligibility; Retirement Age; Pensionable Salary; Vesting and more



Termination Indemnities

Benefit provider

State & Compulsory Benefits

Termination indemnities are provided by the employer through severance pay and a Severance Fund (Fondo de Cesantias); transitional provisions apply for employees in service prior to 1 January 1991.
Employer contributions to a Severance Fund in 2022 equal to …

Typical Employer Practice

Employers would not typically provide supplementary termination indemnities.

More information on Eligibility; When Benefit is Paid; Benefit details and the associated Taxation applicable to termination indemnities is available in the report.

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