The pension is a right with which citizens can ensure savings for after their retirement. However, in order to access this benefit it is necessary to meet some requirements, including a certain number of weeks of contribution.
In colombia, The law requires having contributed for at least 1,300 weeks so that this benefit can be recognized once you retire. In the case of women, starting in 2026, this value will be adjusted to 1,000.
(Read more: The benefit that Colpensiones will maintain, even with the pension reform)
But, What happens if it trades beyond that? Before answering that question it is necessary to have some clear points:
As regards the medium premium regime, that is, the one administered by Colpensiones, not only a minimum number of weeks of contribution is needed, but also the pension age, which corresponds to 62 years for men. and 57 for women.
(See: The ‘buts’ of Asofondos to the Petro pension reform project).
By meeting these requirements, The regulations establish that the amount of the old-age pension will range between 65% and 80% of the base income for settlement (IBL).
The latter must be calculated in accordance with the provisions of article 21 of Law 100, which states that it must be calculated according to the average of the salaries or rents on which contributions were made during the last 10 years prior to recognition. of the pension
What happens if you have more weeks quoted?
The Labor Chamber of the Supreme Court of Justice presented the possibility that Colpensiones pensioners who make contributions greater than the established minimum weeks may request that their benefit be paid to them in the amount of 80%.
The specific case that the court evaluated was that of a man with 2,125 weeks of contributions, who was granted a pension at a rate of 74% of the IBL. He sued to demand that his monthly allowances be calculated based on the maximum cap of the settlement base income.
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Given this situation, the court said that «Affiliates who obtained an initial replacement rate of less than 65% may increase the percentage with additional weeks to the minimum required, up to the maximum amount of 80% of the base income for settlement, otherwise, the rule would not work. no effect, since with only 500 additional weeks the amount of 80% of the base settlement income is not reached, which is the maximum allowed by the norm”.
This means that all weeks additional to the minimum required (1,300 for men and 1,000 for women) are valid until the maximum amount of the pension of 80% of the IBL is reached.
In addition, in those circumstances in which the member has contributed more than 1,300 weeks, For every additional 50 weeks to the minimum required, there is a 1.5% increase in your contribution.
(Read more: This is how you can check the weeks of pension contributions).
However, it is important to note that the pension amount cannot exceed 80% of the settlement base incomesince the contributions from that maximum percentage are not computed.
The court also said that «The increase in the amount of the pension for additional weeks to the minimum required corresponds to a way of stimulating productive work, as a founding value of the Social State of Law, which justifies prolonging the times in which the contribution to the general system of pensions”.
What about private funds?
In the case of AFPs, there is no minimum number of weeks quotedbut a minimum of accumulated capital that is sufficient to finance a pension of at least one minimum wage.
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This means that affiliates can make voluntary contributions to their pension, which could represent an increase in their pension allowance at the time they begin to receive it.