Colombia

The most common package of benefits that exist in the market are associated to life insurance, health programs (in Colombia coexist insurance and other modalities),  transportation for those companies that have production operations or are located in remote places, also inside restaurants are common in this kind of companies. Another common benefit is small amount bonuses that are given to the employees through debit cards which can be used for gas, food or groceries. There is not an average practice in terms of distribution per hierarchy or % of the salary.

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Correcol

Correcol

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Country Insight

Colombia is the second most biodiverse country in the world, after only Brazil which is 10 times its size. It is one of only 17 “megadiverse” countries in the world.

When asked to rank five common benefits in order of importance, the average Colombian employee will respond with : Death, Disability, Medical, Retirement and Unemployment Benfeits.

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Colombia is a country which has more prevalence in traditional benefits but is beginning to understand the importance of get more flexible benefit packages for the employees.

Average Cost for Employer Sponsored Benefits

30%-50% of the annual salary, but depends of other variables such as age, size of the company, salary, gender, and the amount that the company will subsidize etc.