It is a well-known fact that Colombia is a country with a strong economy and is considered to be one of the safest investments within Latin America. The nation gets more international fame among both local and international entrepreneurs because of its increasing economic growth, attractive business climate and range of commercial opportunities. Additionally, commercial activity and trade levels in Colombia have considerably increased thanks to a vast network of free trade agreements and its strategic geographic location, with access to both the Pacific and Atlantic Oceans. The overall economy of Colombia today benefits from various natural and agricultural resources, ranging from cattle and coffee to oil and emeralds, as well as an exploding tourism industry, which continues to grow year-on-year. These features make Colombia a great and thriving destination for international expansion and investment.
However, many business owners face challenges while trying to navigate the local labour laws of Colombia. One of the most challenging jobs is engaging and hiring local staff lawfully, which can be a huge headache for those without a comprehensive knowledge of the Colombia labour market and/or employment law. Working with a PEO provider in Colombia is a great method of expansion for companies who are new to market and have a limited understanding of employment law and regulationin Colombia. It is always important to consider the different methods that companies can engage and hire staff in a foreign country such as Colombia.
A Professional Employer Organization (PEO), also known as a ‘employer of record’ is a company that brings the required tools to support companies with their market entry. It allows companies tofind, engage andhire local employees with having a local company. Companies work with PEO service providers to engage in commercial activity without the hassle of forming and maintaining a local legal entity, which can often be expensive, time consuming and complicated.
Reasons to work with PEO Service Provider
The reasons to work with a PEO service provider will vary from one employer to another. PEOs can handle the various administrative and HR headaches of employing local staff. The PEO provider will ensure full legal compliance. Today, many SMEs are choosing to work with a local PEO provider given the range of benefits that come with this type of commercial relationship. Some PEO services include, but are not limited to the following:
- PEO solutionsfree up your valuable time and resources, allowing you toconcentrate on other important business tasks.
- Once a contract is successfully signed between a PEO and your business, it will distribute a segment of the legal responsibilities to the PEO, freeing you from unnecessary legal burden.
- The PEO has the responsibility of handling tax filing, payroll administration, provision of advantages,in addition to offering solutions relating to other HR functions.
- The only responsibility of your company is to continue with your daily business operations and to manage and direct the employees properly.
Things to know about staff selection
The labour market in Colombia is fully regulated, has a large and skilled worker pool and is dedicated to protecting the rights of employees. If you are an employer, you need to meet various legislative requirements according to Colombia law.In fact, compliance with the Colombian employment and lab our regulations is both time-consuming and costly, all the more reason to work with a qualified PEO provider in Colombia.
- Employment Contracts
The employment contracts in Colombia are classified into 4 types including short-term, fixed term, undefined length, and for a particular task. The duration and type of employment contract will vary from one employee to the next, affording you flexibility to best meet your needs.
- Foreign Workers
These individuals are subject to the same rules and regulations as Colombian workers. They must come with an official written employment contract from their employer and also have to have the appropriate working visa.
By law, the maximum number of hours an employee can work in Colombia is forty-eight hours (48) per week. This can be spread out between Monday to Friday or Monday to Saturday. Working hours can be flexible, but must be between 06:00 and 22:00 local time.
- Vacation Time
All local employees have the right to 15 days of paid holiday per year, half of which can be exchanged for pay with permission from the Ministry of Social Protection and Health.
- Minimum Wage
The minimum wage is negotiated yearly between the government and local trade unions. In 2018, the minimum monthly wage was COP $781,242 (approximately USD $260).
- Pensions and social security
The contribution is 15% of the monthly salary. Employers contribute three quarters of the payments and the employee covers the remaining quarter.
- Maternity and Paternity leave
All women are entitled to 12 weeks of maternity leave, which can be started 2 weeks before the birth of the child. The cost is covered by the Social Security System and can also be used in the case of adoption (for a child younger than seven years old). This also applies for a single father who adopts a child. It should be noted that it is illegal to fire a woman due to a pregnancy in Colombia.Fathers are afforded 4 days of paid leave if he is contributing to the Social Security System. If both parents are contributing to Social Security, then the father is entitled to 8 days of paid leave. In either case, the father must have contributed more than 100 weeks to Social Security System.
Employers are required to pay 12.5% of their staff’s salaries to a healthcare security fund.
For companies expanding to Colombia or looking to hire Colombian employees, working with a qualified PEO provider can be a great option. It helps mitigate much of the legal burden associated with employing foreign employees, and supports a more efficient route to market for a growing global company. It also frees up much of your valuable time allowing you to focus on what is important to you and your business.
Stage Rental To Add Style To Your Event
Whether it’s a small event or a gathering of many individuals, it is necessary to have a staging area. It differentiates other parts of a venue from a region where people need to focus when someone is making an important announcement and performing to entertain the crowd. The stage works like a focal point that grabs the attention of performers and organizers.
When hosting a fashion show, a ceremony, a business party, or an entertainment event, it is necessary to have an area to set up the stage. From a place to stand up during a speech or performance to speaker platforms, there are many things that can be organized on a stage.
Instead of arranging things to set up a stage, an organizer can hire stage rental services and focus on other necessary things related to an event. For example, an individual in LA can hire cost-effective services for stage rental in Los Angeles. The service provider provides all the necessary equipment to set the stage, while an organizer can work to handle other parts of the event.
Things To Consider When Getting Stage Rental Services
The services of stage rental are extremely famous these days among event organizers and people who frequently plan events. However, choosing the best service provider isn’t as easy as it seems. There are multiple things that an individual needs to consider when choosing a stage rental service provider, and below are some of them:
All service providers aren’t the same. From equipment to services and the price, there are many things that differentiate them from each other. When hiring the rental services of a company, the first thing to check is equipment. Check whether or not the flooring options of a service provider have sufficient space to keep different types of devices.
Types Of Stages
There are different types of stages that come in different sizes. For example, modeling stages are different from dance platforms. They could be different from each other in terms of shape and size. When getting the services of stage rental in Los Angeles, it is essential to consider the event type to understand which kind of stage is required to hold equipment and provide performers with the space to perform without hesitation.
Dimensions Of The Stage
In addition to the shape of a stage, it also essential to understand its dimensions before hiring it for an event. This will help to figure out the distance between the stage and the ground. Apart from that, it will let the organizer know whether or not the stage area is sufficient to perform operations on it. In this way, one can hire the best stage rental services for an event.
Collect information on the material a service provider has used to make the stage. It should be the material that creates a powerful and reliable stage for performers. Apart from that, a nicely-built stage will help to carry out activities on all types of grounds. Also, there should be strong materials to hold other equipment on the stage.
When you are hiring stage rental in Los Angeles, try to find out if the company will set up the stage or you need to hire people for the job. There are companies that set the stage for an organizer and also provide them without various other kinds of services that make an event successful.
In The End
Instead of hiring an unreliable and unknown service provider, get the services of a reputed stage rental company. This increases the chances of organizing an event that guests remember for a long time.
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Top 5 Multi-cap Mutual Funds in 2019
Multi-cap Mutual Funds are diversified mutual funds which are invested in stocks cross-market capitalization. Their portfolio consists of small-cap, mid-cap, and large-cap stocks. This fund doesn’t stick to one company although it is incorporated in small, mid and large-cap stocks in different proportion. When we compare these funds with low cap/mid-cap funds, then these funds are less risky and it is popular amongst the investors who have patience about the returns of an investment.
Best multi cap funds in India
- Kotak standard multi-cap (G) -Direct Plan
- JM multi-cap fund (G) -Direct Plan
- SBI Magnum multi-cap fund (G) -Direct Plan
- ICICI Pru multi-cap fund (G) -Direct Plan
- BNP Paribas multi-cap fund (G) -Direct Plan
In multi cap mutual funds, the Investments are invested in different market capitalization instead of investing and one segment of the market. In this fund, there is very less risk, and this is good for the investors who have a low-risk appetite. In this, the funds are invested in small-cap mid-cap and large-cap markets in a fixed proportion. As these schemes are invested in different segments of the market, so it allows the fund manager to search or to change to any sector according to his views towards the market and the product. Due to this nature of the scheme, the returns are also very good with minimal risk.
How to evaluate multi-cap mutual funds
Investing in any investment investor should assess the schemes. So, to evaluate the multiple mutual funds, an investor has to look upon listed points:
- History and the performance of the funds
It is essential to look out for the history of the funds and how they have performed in the past before going to invest in any multi-cap mutual fund. And it is also crucial to look out at the reputation of the fund house.
- Fund Returns
An investor must check on the annual returns of the fund house before investing in it. And check the performance of the fund for about the past 5-10 years. And always select those fund schemes which have generated more returns than expected returns.
- Expense ratio
Each house fund has a certain amount of charge annually as a part of their expenses on overall returns, which is called Expense ratio. Each house fund charges differently according to their costs. So before investing, an investor should check expense ratio because lower the expense ratio, lower the impact of returns.
Who should invest in Multi-cap Mutual fund?
Multi-cap mutual funds are diversified into stocks of various stocks and capitalization. These funds create exposure in the stock market. This is best for the people who are afraid of stock picking and find difficulty in deciding which fund should opt. And when they become pro in this investment market, then they can switch to over to pure cap funds.
*Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing.