Colombia has published Decree 1724 of 15 December 2021, which sets the minimum legal monthly wage for 2022. As compared to 2021, the minimum wage for 2022 is increased from COP 908,526 to COP 1,000,000. 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.