On August 7, President Iván Duque will hand over his position to Gustavo Petro and will leave the Narino Palace. With the departure of his position, the president will be entitled to a life pension.
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This is established by the Article 2 of Law 48 of 1962 in which it is established: “Every former president of the Republic will have the right to enjoy a lifetime pension or old-age pension, equal to 75% of his last monthly salary.”
However, the regulations are clear that the former president has to meet two requirements to have his Life penssion. One of them is that the president must have been in the service of the State for 20 continuous or discontinuous years, which he applies in the case of Duque.
The second condition is have reached 50 years of age. However, currently President Duque is 45 years old and before handing over his post he will be 46 years old. This implies that he would be four years away from being able to access this pension.
How much do pension presidents receive?
In the Article 3 of Law 48 it is established that the pension of the former presidents of the Republic that is equivalent to the monthly allowance “that for all concepts corresponds to senators and representatives”.
(Keep reading: Duque announces that this month the health emergency due to covid ends).
In other words, if Duque received the pension this year, the value would be around $34,417,000 pesos which corresponds to the salary of the congressmen of the Republic. However, this figure will increase if Duque receives it in four years.
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