According to Velocity Global's employment agreement template, when is the salary due in Colombia?

In Colombia, according to the employment agreement template, salary is due on the last business day of each month.

What date does the law specify salary must be paid in Colombia?

In Colombia, salary must be paid at the end of the period caused, on the term or date agreed in the employment agreement. Typically, Colombian employment agreements establish that salary is paid on the last business day of each month.

How is salary calculated and what components does it consist of in Colombia?

Salaries in Colombia are calculated on a monthly basis. For labor purposes, all months are considered to have 30 days.

Is there a legal obligation to pay salaries in the same month in Colombia?

Yes, in Colombia, salaries must be paid within a period no longer than 1 month.

How many salary payments are made per year in Colombia?

In Colombia, employees receiving ordinary salaries are entitled to the following salary payments per year:

• 12 monthly salary payments
• Prima de Servicios (13th month salary) equivalent to one monthly salary
• Unemployment aid equivalent to one monthly salary
• Interest over unemployment aid at 12% of the unemployment aid amount

For employees receiving comprehensive salaries, they are entitled to 12 monthly salary payments per year. This includes fringe benefits such as services premiums, unemployment aid, and interests within the monthly salary.

Is salary payment monthly and is payment standard at the end of the month in Colombia?

Salaries in Colombia can be paid either bi-weekly or monthly. The common market practice is to pay salaries on a monthly basis, typically at the end of the month.

What tax and social security obligations do employees have in Colombia?

Resident employees in Colombia receiving salaries can exclude 25% of their income from tax up to a ceiling that is revised annually. The general income tax rates range from 0% to 39%. The specific rate depends on several factors including:

• Whether the individual is an employee, an independent contractor, or a venture capitalist.
• The level of the individual's income.
• The tax system under which the individual is paying - ordinary, alternative, or simplified tax system.

What are the details of the statutory bonuses and 13th/14th-month salary in Colombia, including the local name and payment schedule?

In Colombia, the 13th-month salary is known as a statutory bonus and is equal to 1 month of salary. It applies only to employees on an ordinary salary, not those receiving a comprehensive salary. The payout structure for this statutory bonus involves two installments:

• The first installment, equivalent to 15 days of salary, is paid in June.
• The second installment, also equivalent to 15 days of salary, is paid in December.

What is the minimum wage information in Colombia?

For 2026, the minimum wage in Colombia is set at COP 1,750,905 per month as the basic salary. Additionally, there is a transportation allowance of COP 249,095. When combining these figures, the total monthly income, if applicable, amounts to COP 2,000,000. This represents a 23% increase compared to the previous year, 2025.

For those eligible, the minimum comprehensive salary in Colombia for 2026 is COP 22,761,765 per month. This comprehensive salary structure includes:

• A base salary of 10 times the monthly minimum wage,
• An additional 30% representing the prestational component.

This scheme is available only to employees earning at least 10 minimum wages and must be agreed upon in writing within the employment agreement.