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IMPACT – MEDIUM
What is the change? Colombia has increased its minimum salary to 828,116 pesos (about US$263) for 2019.
What does the change mean? Companies sponsoring work visas must maintain a monthly balance exceeding 82,811,600 Colombian pesos.
Background: In Colombia, companies sponsoring foreign nationals on work visas must maintain a monthly balance exceeding 100 minimum salaries as evidenced by bank statements.
Analysis & Comments: The new salary minimum represents a 6-percent increase over the 2018 minimum of 781,242 pesos. The increase will not impact salaries for high-skilled foreign workers who are generally paid far more than the minimum salary. Employers, however, should account for the increase as it will impact the business balance required for sponsoring work visas.
Source: Deloitte LLP. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 1 New Street Square, London EC4A 3HQ, United Kingdom.
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