The Minimum Monthly Legal Wage is established by an agreement between the labour syndicates and the companies associations at the end of every year. This new Minimum Monthly Legal Wage is in force for the following year and only for that year. It is important to recall that any reference in this web page to the abbreviation of "M.M.L.W" means one monthly wage, which is equivalent to COP $ 515.000 or USD $ 258*. The following table is a simulation of the Minimum Monthly Legal Wage with all the surcharges established by law.
Name
Quantity
COP$
US$*
Minimum Mounthly Legal Wage
515,000
279.69
+ Pension fund contribution
12.00 %
61,800
33.56
+ Health care plan Social Security
8.50 %
43,775
23.77
+ Professional Risk contribution***
4.50 %
23,175
12.59
+ Transport Subsidy **
11.19 %
57,650
31.31
+ Family subsidy
9.00 %
46,350
25.17
Total Monthly Cost (Wage plus surcharges)
747,750
406.09
+ Total Annual Bonus (1/2 wage for each 6 months worked)
100 %
515,000
279.69
+ Total Annual Work Insurance ( 1 wage + interests 12 % annual)
112 %
576,800
313.25
+ Paid vacations (15 days)
50 %
257,500
139.84
TOTAL ANNUAL
10,322,300
5,606
/12 = TOTAL MONTHLY
860,192
467.15
/365 = TOTAL DAILY
28,280
15.36
/8=TOTAL HOUR
3,535
1.92
* Reference Exchange Rate USD 1 = COP $ =>1841.35
** Transport subsidy is only mandatory for workers who earn less than or equal to two M.M.L.W.
*** Profesional Risk Contribution varies from 0.5% and 4.5%.
** Transport subsidy is only mandatory for workers who earn less than or equal to two M.M.L.W.
*** Profesional Risk Contribution varies from 0.5% and 4.5%.
 Labour Operation Costs | [Labour Operation Costs] | 25 Kb | 17/05/09 20:40 |
