Colombia: Adjustment for 2024 for the minimum monthly statutory salary and the monthly statutory transportation allowance

In brief

By means of Decrees nos. 2292 and 2293 of 2023, the government set, respectively, the amount of the monthly statutory minimum salary (MSMS) and the statutory transportation allowance for 2024:


Concept Amount (COP) Amount (≈USD)1
MSMS 1,300,000 333
Transportation allowance 162,000 42

This adjustment has an impact on other items such as:

Concept Amount (COP) Amount (≈USD)2
2 MSMS (reference for endowment and transportation allowance) 2,600,000 666
Minimum monthly integral salary (13 MSMS) 16,900,000 4,333
CAP for social security contributions (25 MSMS) 32,500,000 8,333

The MSMS had an increase of 12.07%, while the transportation allowance had an increase of 15.22%.

Practical recommendations

  • Adjust the salary of employees earning the equivalent to the MSMS (or less) and/or the minimum integral salary.
  • Adjust the transportation allowance for employees earning up to 2 MSMS.
  • Adjust the payroll systems according to the new reference amounts and their derivatives such as night, overtime, Sunday and holiday surcharges.
  • Adjust the bases for the payment of Integral Social Security System contributions and payroll taxes.
  • Recognize the endowment to those employees earning up to 2 MSMS.

Spanish version

1 XR USD 1 = COP 3,900
2 XR USD 1 = COP 3,900


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