Collection of severance pay in AFPs and the National Savings Fund grew 9.0%

Collection of severance pay in AFPs and the National Savings Fund grew 9.0%

The Financial Superintendence said that the value of the severance payments consigned between January 1 and February 14, 2022 in the severance funds managed by the Administrators of Pension and Severance Funds (AFP) and the National Savings Fund (FNA). ), amounted to $10.05 billionwhich represents an increase of 9.0% in nominal terms or 3.2% in real terms compared to the collection of severance payments in 2021.

(Read: Tax collection in January reached $23.19 billion).

The total number of affiliates of the severance funds managed by the AFPs and the National Savings Fund are 10,891,449 of which 6,524,731 are men and 4,366,718 are women.

44.6% of affiliates are linked to the severance fund Porvenir, followed by 27.9% of affiliates in Protection and 18.8% in the National Savings Fund.
61.3% of the members of the severance funds are located mainly in Bogotá DC (34.8%), Antioquia (17.1%) and Valle del Cauca (9.4%).

In 2021, AFP affiliates withdrew a total of $7.01 billion, presenting an increase of 14.1% in nominal terms and 8.0% in real terms, with respect to the previous year. The main cause of withdrawals was due to the termination of the employment contract (34.7%).

(What’s more: President of Asofondos proposes to unify pension regimes).

Of the withdrawals related to the termination of the contract, 41% corresponded to savings from the long-term portfolio and 26.5% to the short-term portfolio.

Porvenir records a record in severance payments of $3.9 billion

Appropriations for this social benefit were the highest among the AFPs.
The Porvenir Pension and Severance Fund released a rrecord in the collection of severance pay by 2022 for $3.9 billion. This figure, which was above the budgeted goal, was 10.1% higher than that reported in 2021 ($3.5 billion).

The registered amount is, in turn, the highest among the AFPs and the National Savings Fund (FNA).

According to figures from the Financial Superintendence, the collection of this social benefit between the January 1 and February 14, 2022 reached $10 billion, resources that benefit 10.8 million Colombian workers, of which 4.8 million entrust their savings to Porvenir.

(Read: Colombia, among the fastest economic recoveries in the region).

Miguel Largacha Martínez, president of Porvenir, highlighted the effort made by Colombian businessmen who, despite the economic situation resulting from the pandemic, have complied with their workers with the payment of this benefit.
This saving ratifies the importance of having this benefit. Last year, only in Porvenir, 1.5 million Colombians benefited, who were disbursed $3.4 billion, which, for the most part, were used for contract termination, housing and education concepts.”, detailed Largacha.

The president of Porvenir highlighted the importance of having layoffs in Colombia, which have a positive social effectsince they allow to protect the long-term savings of mandatory pensions destined exclusively for what it was created: the moment of retirement.

AFP affiliates can withdraw their severance pay virtually, which speeds up this process and avoids going to the branch network.
It is worth remembering that layoffs can be withdrawn by workers without the need for processing agents and without costs, for reasons of contract termination, home purchase, education, local repairs and to finance the higher education of their children or dependents. Also, due to a decrease in income within the framework of the declaration of economic emergency due to the pandemic which currently allows this withdrawal until February 28 of the current year.

(See: Transport: alert for container delivery failures).

The AFP also has alliances with the main virtual wallets with the purpose of speeding up the process of appropriation of layoffs.


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