For the year 2022, an increase was determined in the current legal minimum wage (SMLV) in Colombia, as well as in the Tax Value Unit (UVT) by 10.07% and 4.67%, respectively.
Next, we detail the main effects on payroll and limits of deductions in withholding at source as a result of said increases.
Concept |
Year 2021 Col$ |
Year 2022 Col$ |
Current Legal Minimum Wage - SMLV (increased by 10.07%) | 908,526 |
1,000,000 |
Aid (Sub) transportation (increased by 10.07%) | 106,454 | 117,172 |
Comprehensive Minimum Wage (13 SMLV) | 11,810,838 | 13,000,000 |
2 SMLV (Applicable for Transport Aux.) | 1,817,052 | 2,000,000 |
4 SMLV (Applicable for FSP - Social Security) | 3,634,104 | 4,000,000 |
Maximum Social Security Contribution Limit (25 SMLV) | 22,713,150 | 25,000,000 |
UVT (Tax Value Unit) | 36,308 |
38,004 |
Dependent Deduction Cap (32 UVT) | 1,162,000 | 1,216,000 |
Health Deduction Cap (16 UVT) | 581,000 | 608,000 |
Housing Interest Deduction Cap (100 UVT) | 3,631,000 | 3,800,000 |
Maximum Exempt Income Limit (art. 204 of the ET - 240 UVT) | 8,714,000 | 9,121,000 |
Cap to apply deduction for food vouchers (310 UVT) | 11,255,000 | 11,781,000 |
Maximum deduction cap food vouchers (41 UVT) | 1,489,000 | 1,558,000 |
ANNUAL Maximum Tiope - AFP or AFC Contributions (3,800 UVT) | 137,970,000 | 144,415,000 |
Maximum cap exempt income for compensation (204 UVT) | 7,407,000 | 7,753,000 |
If you have any questions or need advice in this regard, we are at your service to support you.