There are several types of pensions in Colombia that a citizen can obtain, each of them has a special characteristic to be granted. In this opportunity we will explain the main pensions in Colombia and how you can access them.
Pension penalty
Contemplated by Article 133 of Law 100 of 1993, this type of pension is the obligation of the employer (and corresponding right for the employee) to pay a life annuity to the employee who by omission did not affiliate to the General Pension System and has dismissed the employee.
without just cause
if this:
- She has worked for him between 10 and 15 years, continuous or discontinuous, and is 62 years old if male and 57 years old if female.
- She has worked for him for more than 15 years and is 60 years old if male or 55 years old if female.
Can any worker be claimed?
It will only be applicable for private sector workers and for those in the public sector who have the status of official workers.
How much does this pension correspond to?
Taking into account the time of service and the average earned in the last 10 years, it will be calculated in direct proportion to the amount that would have corresponded to the worker if he had obtained his old-age pension under the average premium with defined benefits regime.
What if I have not reached the age limit, but I have the service time?
The right to receive this pension begins at the moment of reaching the age of retirement, no matter how long after the termination of employment.
Grace pension
It is another of the pensions in Colombia that exists. This is a compensation offered to teachers 50 years of age and older or those unable to earn enough to support themselves, employed until December 31, 1980 in one or more territorial public institutions, who did not obtain any other type of pension after having worked at least 20 years in the teaching profession.
In addition, those who wish to opt for this type of pension must, by virtue of Article 4 of Law 114 of 1913, have performed their duties with honesty and dedication and observe good conduct.
What is the amount of this pension?
It shall be equal to one-half of the average salary earned in the last two years of service.
Can I apply now?
It can only be applied if you were employed as a teacher in a public institution until December 31, 1980.
Conventional pension
When different pension conditions are established in a collective bargaining agreement, the employees affiliated to the union organization or beneficiaries of the agreement for another reason may request the pension when they meet the requirements, as long as the agreement remains in force.
Is it still possible to apply for this type of pension?
Currently, this is not possible. By provision of Legislative Act 1° of 2005, special pension conditions cannot be established in agreements, conventions or awards since July 27, 2005 and, although the agreements made up to this date were maintained for the initially stipulated term and could be renewed, more favorable conditions could not be added to the initial ones in the renewal and, in any case, these agreements would lose their validity on July 31, 2010.
Survivor’s pension
The right to this pension arises with the death of the pensioner or member, for the beneficiary who has survived him. It can only be requested per member if he/she contributed 50 weeks in the 3 years prior to his/her death.
Who can be beneficiaries?
The beneficiaries will be, in that order of priority:
- For life, the spouse over 30 years of age or with children of the deceased, provided that he/she proves cohabitation and marital life in the last 5 years.
- Temporarily (for a maximum of 20 years), the spouse under 30 years of age and without children of the deceased, provided that he/she proves cohabitation and marital life in the last 5 years.
- For life, the permanent companion over 30 years of age or with children of the deceased, provided that he/she proves cohabitation and marital life in the last 5 years.
- Temporarily (for a maximum of 20 years), the permanent partner under 30 years of age and without children of the deceased, provided that he/she proves cohabitation and marital life in the last 5 years.
- Children under 18 years of age or under 25 years of age, while studying.
- The financially dependent parents of the deceased.
- Disabled siblings who are economically dependent on the deceased.
Amount of pension
If the deceased was a pensioner, the amount he/she was receiving.
If the deceased was a member, it will correspond to 45% of the IBCL (Basic Settlement Income), which corresponds to the average of the IBC (Basic Contribution Income) with an increase of 2% for each 50 additional weeks beyond the first 500, up to a maximum of 75%.
In any case, it cannot be less than 1 smlmv.
Old-age pension
It is one of the most common pensions in Colombia. This is the pension obtained under the Average Premium with Defined Benefit Regime, in compliance with the contribution time and age requirements established by Law 100 of 1993:
- 1300 weeks of contributions.
- 62 years for men, 57 years for women.
Amount
To calculate the amount of this pension, the following steps must be followed:
- Obtain the corresponding percentage, using the following formula:
65.5% – 0.50 x (Number of smlmv of base contribution income)
Note: Minimum 55% and maximum 65%.
- Add 1.5% for each additional 50 weeks up to a maximum of 80%.
- Multiply the percentage obtained by the IBL (Ingreso Base de Liquidación), which corresponds to the average of the IBC (Ingreso Base de Cotización) of the last 10 years or of the entire working life, in case of having more than 1200 weeks of contributions.
In any case, the amount may not be less than 1 nor more than 25 smlmv.
Can I be fired if I get the pension?
With 15 days’ notice, just cause for dismissal is established from the moment of recognition of the pension with its registration in the pension payroll.
In addition, the employer may apply for the pension for its employee if the employee has not done so within 30 days of becoming eligible.