Colombia is the fourth-largest economy in Latin America, with a population of over 50 million people(2023). The country has a diverse economy, with industries ranging from agriculture to mining to manufacturing. In recent years, the Colombian government has implemented policies aimed at attracting foreign investment and boosting economic growth.
Average salaries for common positions in Colombia vary depending on the industry and location. For example, the average monthly salary for a manager position in Bogotá, the capital city, is around COP 8,000,000 (USD 2,200). The average salary for an accountant is around COP 4,500,000 (USD 1,200) per month. Sales representatives earn an average of COP 3,500,000 (USD 950) per month.
Salaries in specific industries in Colombia also vary. In the IT industry, for example, a software engineer can earn an average of COP 6,500,000 (USD 1,800) per month. A web developer can earn an average of COP 4,500,000 (USD 1,200) per month. In the finance industry, a financial analyst can earn an average of COP 6,500,000 (USD 1,800) per month.
In addition to salaries, companies in Colombia are also required to pay social security contributions and provide other benefits to their employees. Social security contributions are typically around 9% of an employee’s salary. The employer and employee each contributing around 4.5%. Other benefits may include health insurance, vacation time, and bonuses.
Compared to other countries in the region, hiring costs in Colombia are generally lower than in Brazil or Argentina, but relatively higher than in Peru or Mexico. However, Colombia’s highly skilled workforce, favorable tax incentives, and pro-business policies make it an attractive location for foreign investors.