Colombia has published Decree 1785 of 29 December 2020, which sets the minimum legal monthly wage for 2021. As compared to 2020, the minimum wage for 2021 is increased from COP 877,803 to COP 908,526. The minimum wage is used for various purposes including the determination of the maximum social security contribution basis, which is 25 times the minimum legal monthly wage for both employer and employee social security contributions.