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Employee Benefits in Colombia

  • January 2015
  • -
  • Timetric
  • -
  • 47 pages

Colombia has a basic social security system with low coverage and participation. The country’s social insurance system was initially introduced for public sector employee groups only. Private sector employees secured coverage in 1946. Pension benefits were introduced with the creation of the Social Security Institute (ISS) in 1967. However, the ISS faced problems immediately due to low coverage and participation rates. To overcome this problem, the government created a new social security system through Law 100 of 1993. The law introduced a dual public-private competitive pension system – Régimen de Prima Media or average premium scheme (RPM), and the Régimen de Ahorro individual con Solidaridad, or individual savings system with solidarity (RAIS). In 2012, the administration of RPM was transferred from ISS to Colpensiones, a state-owned financial institution supervised by the Ministry of Labor, due to problems with debt and inefficiency. Private sector employees can choose between RPM and RAIS and have the option to change their membership once every five years. For self-employed and unemployed individuals there is a voluntary regime. Armed forces, police and teachers have their own separate systems.

The report provides in-depth industry analysis, information and insights into employee benefits in Colombia, including:

- An overview of state and compulsory benefits in Colombia

- Detailed information about private benefits in Colombia

- Insights into various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in Colombia

This report provides a detailed analysis of employee benefits in Colombia:

- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits.

- It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, unemployment and private benefits.

- It highlights the economic and regulatory situations relating to employee benefits in Colombia.

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in Colombia.

- Assess the Colombian employee benefits market, including state and compulsory benefits, and private benefits.

- Gain insights into the key employee benefit schemes offered by private employers in Colombia.

- Gain insights into key organizations governing Colombian employee benefits, and their impact on companies.

Key Highlights
- The general protection system in Colombia consists of a system of social security and welfare. The Colombian social security system offers contributory and non-contributory benefits to vulnerable people in society.

- This social security system includes the general pension system (GPS), the general social security system of health and the general system of occupational risks. The welfare system provides monetary benefits through a social assistance program.

- Private benefit plans in Colombia were offered through universal life insurance savings, which are non-taxable.

Table Of Contents

Employee Benefits in Colombia
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Colombia
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Age
6.1.4 Benefits
6.1.5 Payment options
6.1.6 Typical employer practice
6.1.7 Employee and employer contributions
6.1.8 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Short-term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Employee and employer contributions
6.4.6 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Typical employer practice
6.5.6 Employee and employer contributions
6.5.7 Taxation
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Unemployment
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment Options
6.9.5 Employee and employer contributions
6.9.6 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-EUR
8.1.8 Unemployment rate
8.1.9 Household Consumption Expenditure
8.1.10 Gross National Disposable Income
8.2 Demographics
8.2.1 Total Population
8.2.2 Labor force
8.2.3 Urban and Rural Population
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Colombia - Country Statistics

List of Figures
Figure 1: Colombia GDP at Constant Prices (US$ Billion), 2008-2012
Figure 2: Colombia GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 3: Colombia GDP at Current Prices (US$ Billion) 2008-2012
Figure 4: Colombia GDP Per Capita at Current Prices (US$), 2008-2012
Figure 5: Colombia GDP by Key Segments (%), 2008-2012
Figure 6: Colombia Inflation Rate (%), 2007-2013
Figure 7: Colombia Annual Average Exchange Rate US$-EUR, 2008-2012
Figure 8: Colombia Unemployment Rate (%), 2008-2012
Figure 9: Colombia Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 10: Colombia Gross National Disposable Income (US$ Billion), 2008-2011
Figure 11: Colombia Total Population (Million), 2008-2012
Figure 12: Colombia Size of Labor Force (Million), 2008-2012
Figure 13: Colombia Urban and Rural Population (%), 2008-2012

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