Colombia: Labor freedom

* indicates monthly or quarterly data series

Labor freedom index (0-100)

 Latest value 62
 Year 2023
 Measure points
 Data availability 2005 - 2023
 Average 73
 Min - Max 61 - 82
 Source The Heritage Foundation
For that indicator, we provide data for Colombia from 2005 to 2023. The average value for Colombia during that period was 73 points with a minimum of 61 points in 2022 and a maximum of 82 points in 2015. The latest value from 2023 is 62 points. For comparison, the world average in 2023 based on 179 countries is 56 points. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series

Recent values chart
Colombia - Labor freedom - recent values

Historical chart
Colombia - Labor freedom - historical chart - 2005-2023

The Labor Freedom index for Colombia from the Heritage Foundation reflects the various aspects of the legal and regulatory framework of the labor market in Colombia, including the minimum wage; laws inhibiting layoffs; severance requirements; and the regulatory burdens on hiring.
Definition: The Labor freedom index is composed of six quantitative factors: ratio of minimum wage to the average value added per worker, hindrance to hiring additional workers, rigidity of hours, difficulty of firing redundant employees, legally mandated notice period, and mandatory severance pay. The index is based on data collected in connection with the World Bank’s Doing Business study.

 Related indicators Latest value Reference Measure
 Property rights 45 2023 points
 Freedom from corruption 41 2023 points
 Fiscal freedom 39 2023 points
 Business freedom 72 2023 points
 Labor freedom 62 2023 points
 Monetary freedom 78.60 2023 points
 Trade freedom 76 2023 points
 Investment freedom 80 2023 points
 Financial freedom 70 2023 points
 Economic freedom, overall index 63 2023 index points
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