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Average Salary in Colombia

Author: Madalina Roman

29 October 2024

The average salary in Colombia is 40,646,797 COP per year, the equivalent of 9,390.79 USD, according to OECD 2022, while the average salary per month is 3,387,233 COP (782.57 USD).

However, average salaries depend on industry, region, education, occupation, or gender. This article provides a full picture of these factors.

Please note:

All data in this article are based on official statistics and reports. All data is linked at the end of the article.
Colombia’s official currency is the Colombian Peso, COP ( also denoted as COL$)
All figures in the article are gross salaries.
One Colombian Peso equals $0.0002310 USD at the moment of writing this article. Please double-check the exchange rate at the time of reading.

Key takeaways

Average annual salary: 40,646,797 COP (9,390.79 USD). Source: OECD
Average monthly salary: 3,387,233 COP (782.57 USD). Source: OECD
Average annual income: 29,735,883.03 COP (6,870 USD). Source: Worlddata.info
Minimum salary: 1,300,000 COP(301.74 USD). Source: Tradingeconomics.com
Gender pay gap: 20% in 2023. Source: Global Gender Gap Insight Report, 2024
Colombia is one of the upper middle-income countries in the OECD ranking. Source: OECD
Almost 45% of Colombians earn below the minimum wage, while 20% Colombians work in the informal sector. Source: Worldmetrics

Average salary in Colombia

According to the latest data available by OECD, the average salary Colombia had in 2022 was 40 646 797 COP per year, the equivalent of 9,390.79 USD.

The average monthly salary in the same year was 3,387,233 COP (782.57 USD).

Minimum wage

The Colombian government is responsible for setting the minimum salary (also called Colombian wage fare). According to Tradingeconomics.com, Colombians have seen considerable increases in minimum wage fluctuations since 1984, with an all-time high in 2024 (1.3 million COP).

Source: Tradingeconomics.com

The minimum wage in 2023 was 1,160,714.29 COP per month, which equals 268.16 USD minimum monthly salary, which is 16% higher than in 2022.

According to Reuters, Colombia’s minimum wage growth was expected at an increment of 12% in 2024, reaching 1.3 million COP (340 USD) per month. According to Tradingeconomics.com, the minimum wage was indeed increased in 2024.

The average person in Colombia has seen higher average salaries and minimum wages, particularly as a measure of the Colombian government’s ability to better balance the quality of life with the rising costs of essential goods and services.

Median salary

The median salary is the central point of wage distribution in a given population or industry. Half the median salary provides a more realistic view of the typical average earnings of a population. Therefore, the median salary reflects a figure that splits the average earnings into two: 50% of the Colombians earn above the median, while the other half earn below the median (lower average salaries).

According to Salaryexplorer.com, the median wage in Colombia is 4,050,000 COP (935.69 USD).

Average salary by region

Salaries vary significantly in Colombia, like in most countries, as there are regional disparities between urban and rural areas.

Bogota is the largest metropolis, with 8 million citizens, according to Statista. Therefore, Bogota benefits from higher salaries, followed by the major cities Medellin, Cali, and Barranquilla. Medellín houses Colombia’s science and technology hub.

City	Average salary/year (COP)	Amount (USD)
Bogotá	52652409	12,231.52
Medellin	50.042.663	11,625.26
Cali	43.472.793	10,099.03
Barranquilla	52.641.370	12,228.96
Cartagena	53.564.994	12,443.52
Pereia	48181557	11,192.91
Monteria	55.155.267	12,812.95
Santa Marta	48.497.796	11,265.75
San Andrés	47.804.839	11,104.39
Manizales	46.058.885	10,698.83
Bucaramanga	50.163.559	11,652.29

Source: Salaryexpert.com

The above salaries are provided by Salaryexpert.com. The data is a sample of data available in the Global Salary Calculator.

Average salary by education

The education level impacts salaries in Colombia, as in many other countries. Highly skilled professionals with higher educational attainment benefit from better salaries.

Each level of education offers notable wage premiums, as follows:

High school graduates typically earn the minimum salary
Certificate/diploma holders earn 17% more
Bachelor’s degree holders have 24% higher wages than diploma graduates
Master’s degree holders earn 29% more than those with Bachelor’s
PhDs top the scale with 23% more than Master’s graduates.

Average salary by occupation

According to the World Bank, Colombia has the second-highest number of science and engineering graduates in South America after Mexico. It is followed by Brazil, Chile, Argentina, and Costa Rica.

Therefore, Colombian software developers are in high demand for outsourcing companies. Hence, the IT sector is one of the higher-paying sectors in Colombia. What’s interesting is that the Colombian government identified the opportunity for growth in the tech industry and enhanced it. That led to Colombia housing 5000 tech companies in 2014. There’s no clear data that reflects today’s tech reality, but as the labor market dynamics evolved, we can assume that the figures are considerably higher.

A great initiative to boost the IT sector and economic development was Colombia’s project to train 100,000 new software developers by 2022. The Colombian government has supported the IT industry by infusing money and grants of 2.5 million USD in tech education.

The graph below reflects the differences in science and engineering graduates in countries from Latin America, with a clear outperformance in Colombia.

Source: The World Bank

However, we need to note that there are other professions with higher salaries, too.

Highest paying jobs

Some of the highest salaries in Colombia, with a considerable annual salary increment rate in the last decade, are:

Surgeons and doctors
Judges
Lawyers
Bank managers
CEOs
CFOs
Orthodontists
College professors
Pilots
Marketing directors

When checking Colombia’s average salary by profession, medical professionals have the highest average salary at approximately 20.4 million COP, followed by judges at around 14.8 million COP, and other leadership positions.

Sector	Top Profession	Average Monthly Salary
Accounting	Finance Director	10,100,000 COP (2,576 USD)
Advertising	Advertising Director	8,290,000 COP (2,144 USD)
Automotive Industry	Regional Manager	8,670,000 COP (2,211 USD)
Banking	International Banking Manager	10,400,000 COP (2,653 USD)
Construction	Construction Director	8,320,000 COP (2,122 USD)
Customer Service	Customer Service Manager	6,700,000 COP (1,709 USD)
Engineering	Director of Engineering	9,850,000 COP (2,512 USD)
Healthcare	Heart Transplant Surgeon	20,500,000 COP (5,229 USD)
Information Technology	Chief Information Officer	7,520,000 COP (1,918 USD)
Management	Chief Executive Officer	10,200,000 COP (2,602 USD)
Pharmaceutical and Biotech	Pharmaceutical Manufacturing Lead	11,700,000 COP (2,984 USD)
Sales	Wholesale Manager	10,300,000 COP (2,627 USD)

Source: salaryexplorer.com

Lowest paying jobs

According to Salary Explorer, the lowest salary figures are in the service industry, particularly in the hospitality and customer service sectors. Positions such as waiters/waitresses, receptionists, and call center representatives are lower-paying roles ranging from 1,540,000 to 1,770,000 COP, significantly lower than the national average.

Furthermore, jobs in the education and childcare sectors, such as nursery teachers and nannies, are also among the lowest-paid, with average salaries of 1,740,000 and 1,960,000 COP, respectively.

Job Title	Average Salary (COP)
Waiter / Waitress	1,540,000
Cashier	1,740,000
Nursery Teacher	1,740,000
Teller	1,700,000
Mechanic	1,700,000
Customer Service Representative	1,720,000
Receptionist (Hotels)	1,720,000
Call Center Representative	1,770,000
Nanny	1,960,000
Secretary	2,020,000

Source: salaryexplorer.com

Average salary by industry

When assessing salary distribution by industry based on the data available on Salary Explorer, the Healthcare sector comes with a higher average salary than other specific industries. For example, a Heart Transplant Surgeon earns a substantial 20.5M COP (4,754.64 USD) monthly. It is followed by the legal sector follows with Supreme Court Judges earning 14.5M COP (3,363.16 USD).

The pharmaceutical and biotech industries are situated at the mid-point in the salary range, with Manufacturing Leads at 11.7M COP (2,713.64 USD).

Notably, the Customer Service and Information Technology industries have lower salaries, with managers earning around 6.7M COP (1,553.96 USD) and 7.5M COP (1,918 USD), respectively.

Sector	Top Profession	Average Monthly Salary
Accounting	Finance Director	10,100,000 COP (2,576 USD)
Advertising	Advertising Director	8,290,000 COP (2,144 USD)
Automotive Industry	Regional Manager	8,670,000 COP (2,211 USD)
Banking	International Banking Manager	10,400,000 COP (2,653 USD)
Construction	Construction Director	8,320,000 COP (2,122 USD)
Customer Service	Customer Service Manager	6,700,000 COP (1,709 USD)
Engineering	Director of Engineering	9,850,000 COP (2,512 USD)
Healthcare	Heart Transplant Surgeon	20,500,000 COP (5,229 USD)
Information Technology	Chief Information Officer	7,520,000 COP (1,918 USD)
Management	Chief Executive Officer	10,200,000 COP (2,602 USD)
Pharmaceutical and Biotech	Pharmaceutical Manufacturing Lead	11,700,000 COP (2,984 USD)
Sales	Wholesale Manager	10,300,000 COP (2,627 USD)

Gender wage gap

As of 2024, according to the World Economic Forum, Colombia still has a long run in promoting gender equality. Colombia’s gender wage gap is still notable, though it has improved over recent years.

Women in Colombia earn approximately 80% of what men make for similar roles and qualifications, leaving a wage gap of around 20%.

Despite Colombia’s advances in workforce gender representation, which now has nearly 42% female participation, disparities remain in senior roles and higher-paying industries where men continue to dominate. Systemic factors, including occupational segregation and unequal distribution in lower-paying sectors like retail and consumer services, still perpetuate the wage gap. What’s more, according to an analysis made by the World Bank, the COVID-19 pandemic widened the gender wage gaps.

Salary growth trends

Over the past decade, salary growth in Colombia has been slow, with increases often lagging behind inflation rates. According to Worldmetrics, despite constant adjustments to the minimum wage, about 45% of Colombians earn below this threshold and around 20% work in the informal sector.

Higher-paying jobs are concentrated in major cities and areas like Bogotá in government, technology, and finance. Yet, around 60% of Colombians report that their monthly income does not meet basic living expenses. This analysis made by Worldmetrics reflects that Colombia still faces high economic disparities, while their average monthly salaries and minimum salary not having cost effectiveness.

Hallmarks of the labor market in Colombia

The Colombian job market is effervescent and in constant evolution, particularly in the major Colombian regions. Here are some of its particularities:

Growing tech industry: As shown above, Colombia has grown as a hub for technology and innovation in Latin America. The country has a thriving tech startup ecosystem and a growing pool of skilled IT labor. Cities like Medellín are attractive destinations for tech companies looking to establish a regional presence.
Outsourcing and Business Process Outsourcing (BPO): Colombia has positioned itself as a competitive destination for outsourcing and BPO services. Its attractivity comes both from its strategic location, bilingual workforce, lower average salaries, and, most of all, its skilled labor. That is why multinational corporations are attracted to outsourcing in Colombia.
EU support through the Global Gateway Strategy: Colombia is receiving EU support focused on driving sustainable and inclusive development initiatives, aiming to enhance connectivity and digitalization, aiming for 85% national connectivity by 2026. At the same time, Colombia receives support for starting climate and energy initiatives and developing its transport infrastructure.
High informality employment rates: The Colombian labor market is characterized by persistently high informality rates (around 60% of employment). This creates significant challenges for social protection coverage and tax collection.
Growing gig economy: The gig economy is rapidly expanding, particularly in urban areas, creating new employment opportunities but raising questions about worker protection and the evolution of Colombian labor laws.
Regional economic disparities: There are high regional disparities that strongly influence local labor markets in departments like Chocó and La Guajira, which face consistently higher unemployment and informality rates compared to more developed regions.
Youth unemployment is critical: Situated at about twice the national average, youth unemployment reflects challenges in the school-to-work transition and skills mismatches between educational output and market demands.

Salary comparison with other countries

According to the OECD, Colombia is an upper-middle-income country as part of the OECD. According to the Inter-American Development Bank 2023 annual report, when comparing Colombia with Latin American countries, Colombia has higher salaries than Bolivia (470 USD), Paraguay (550 USD), and El Salvador ( 660 USD). However, it is lower than in Chile (1,200 USD), Uruguay (990 USD), and Costa Rica (850 USD).

When looking at the broader global context, salaries in Colombia are significantly lower than in developed countries like the United States, where the average monthly salary is around 4,800 USD, or the United Kingdom, with an average of 4,565 USD per month.

It’s important to note that these comparisons do not account for differences in cost of living, income tax, and other factors that can impact the actual purchasing power of salaries across countries.

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