Colombia: Benchmarking: Employee Benefits in Colombia for 2020

Colombia: Benchmarking: Market and Benchmarking Insight Report for Colombia – 2020

To get an insight into benchmarking employee benefits in Colombia for 2020, read this market guide provided by Correcol.

Correcol is the largest independent insurance broker in the Colombian market with over 230 employees, 5,000 clients, and operations in eight cities across the country. Consequently, Correcol’s experience lends substantial data to help employers understand how their employee benefits compare in their sector.

With this in mind, our Colombian Partner created this market guide to answer employers’ most common questions about Columbian benefits and labor laws. Accordingly, the guide covers:

  • The Colombian benefits landscape including a Colombian benefits menu, mandatory requirements, and employment law
  • Typical benefit design and cost
  • Adviser remuneration

An example of what’s inside…

Workers in the public sector are often members of trade unions and have a very generous range of employee benefits that typically include:

  • Defined benefit pension plans
  • Life assurance (through the pension plan)
  • Income protection (long term disability) provided as early retirement due to poor health (typically inside the pension scheme)
  • Sick pay (possibly six months full salary and six months half pay)

Benefits in the public sector can be higher, but there are no specific regulations for them.

If you have further questions about benchmarking employee benefits in Colombia, please contact us and we will put you in touch with Correcol.