Market Norms for Employee Benefits in Colombia for 2020

benchmarking employee benefits in Colombia

Request Asinta’s Market and Benchmark Insight Report for Colombia and get the essential information you need to move forward in your decisions about employee benefits in the country. The report reviews statutory benefits, insured benefits, fringe benefits and perks, plan setup, and onboarding.

The following is an excerpt.

Law 100 of 1993 brought an end to the monopoly of the Social Security Institute (Instituto de Seguros Sociales – ISS) and thereby substantially altered the future prospects for private providers in the fields of pensions, general health and maternity, and workers’ compensation. Between that date and final closure of the ISS in 2012 it continued to operate in parallel, and sometimes in competition, with private sector entities.

The current law mandates:

    • Pensions — The state body is Colpensiones, and there are a number of private sector pension fund administrators (AFPs)
    • Healthcare — The state body is Nueva EPS, and there are many private sector health promotion companies (entidades promotoras de salud – EPSs)
    • Workers’ compensation — This is handled by the state life insurance company Positiva, or duly authorized private sector life insurers, which usually form separate companies or units known as labor risk administrators (administradoras de riesgos laborales – ARLs).

If you have further questions about market norms for employee benefits in Colombia, please contact Asinta and we will put you in touch with Correcol, Asinta’s employee benefit consulting Partner in the country.