Pension reform: requirements to access a bonus of 223,000 pesos

On March 22, it will be taken to the Congress of the Republic.to the pension reform of the government of Gustavo Petro. In the last hours, the draft of the proposal that is based on a system of pillars was known.

(Read: This is what the pension reform of the Petro government offers).

The Comprehensive Social Protection System for Old Age would be made up of: the Solidarity Pillar, the Semi-contributive Pillar, the Voluntary Savings Pillar and the Contributive Pillar. The latter is made up of the Average Premium Component and the Complementary Individual Savings Component.

This pillar is made up of Colombians who reside in the national territory and are in condition of extreme poverty, poverty and vulnerability according to a targeting established by the National Government.

The benefits for this population will be financed with resources of the General Budget of the Nation and they could be co-financed by resources from the sub-account of subsistence of the Pension Solidarity Fund.

“It is aimed at guaranteeing a basic solidarity income to protect the minimum subsistence conditions of poor older adults and will be administered by the Department for Social Prosperity or whoever the National Government defines“, they explain in the draft.

(Keep reading: With more than 1,000 weeks of contributions, the pension reform would not affect you).

To access this pillar you must:

1. Be a Colombian citizen.
2. Be at least 65 years of age.
3. Integrate the group of extreme poverty, poverty and vulnerability according to the targeting of the National Government.
4. Proof of residence in Colombian territory for a minimum of 10 years immediately prior to the date of submission of the application to access the Basic Solidarity Income.

People who are beneficiaries of the Colombia Mayor Program will not be eligible for the benefit of the Solidarity Pilar, they will continue to receive the subsidy and when they meet the Pilar requirements, they will access it. The two benefits cannot coexist simultaneously for the same person.

The Government plans to give a basic income of half current legal minimum wage of 223,000 that would apply to around 2.5 million people in the country. A benefit superior to that granted in the Colombia Mayor program.

This is made up of people affiliated to the system who at 70 and 65 years of age have not met the requirements to access a contributory pension having contributed to the system. For this reason, they will be able to access an economic benefit that will be based on the resources of the General Budget of the Nation and with their own contributions through different mechanisms.

“This pillar also includes people who are in the Economic Benefits Program, BEPS, according to the regulations in force.“, they explain.

(See: Colpensiones would take 90% of affiliates to private funds).

To access this pillar you must be in one of these groups:

1. Be a Colombian resident over 65 years of age who have contributed between 150 and less than 1,000 weeks to the Comprehensive Social Protection System for Old Age and who are eligible for the Solidarity Pillar
2. Being a Colombian resident over the age of 65 who have contributed between 150 and less than 1,000 to the Comprehensive Social Protection System for Old Age and are not eligible for the Solidarity Pillar.

3. People whose income is less than a current legal monthly minimum wage and who make contributions according to their economic capacity through the BEPS.

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