Bogotá will launch a new model of conditional subsidies from December

Bogotá will have a new model for the delivery of subsidies to the population starting in December which will focus on a redesign of the minimum income. This was announced by the Secretary of Social Integration of Bogotá, Roberto Angulo, during the Asomicrofinanzas Congress.

(More: Subsidies eat up more than 80% of the increase in State operating expenses).

“Our bet in Bogotá is to return to a conditional subsidy scheme, we are going to make a transformation of these monetary subsidies. For example, productive inclusion for young people that includes training in soft skills, employability and job placement to start setting up this semester, we have already started to make the transformation and by the end of December we should all have the transformed scheme.“Angulo said.

(Read: Mi Casa Ya: check with your ID if you qualify for the subsidy).

He added that “Bogotá, after having had unconditional subsidies, returns to a conditional scheme, thinking not to discourage labor supply indicators and here the issue is how to achieve subsidies that increase labor income and stimulate productivity.”.

During the congress, The director of Banca de las Oportunidades, Paola Arias, insisted on the need to increase financing penetration.

(See: Citizen Income Payments or VAT Refund: this is how you can find out if you have a money order).

We have 94.6% coverage with a gap between urban and rural areas in departments such as Chocó, Guajira, Guainía, Vichada and Vaupés, with financial penetration indicators below 50% and in terms of credit, as in the case of Vaupés, below one digit.

The board announced that work is being done on the digital transition without ethnic or age bias so that they can take ownership of the technology offered by the financial sector and get the most out of it.
He highlighted that another of the entity’s plans is the insurance laboratory so that small businesses can face the challenges that come with climate risk.

(More: Citizen income and VAT refund: payments will start sooner than expected).

Holman Rodriguez Martinez
BRIEFCASE