Social Prosperity continues to make subsidy payments in Colombia.  (Video: Social Prosperity)

The National Government of Colombia confirmed that the Solidarity incomea program created during the coronavirus pandemic, will deliver a last payment in November 2022. President Gustavo Petro announced that in 2023 the ‘Bonus of 500 thousand pesos‘, a new subsidy designed for the elderly, especially mothers who are the head of the family. In the following paragraphs we will tell you all the details of this economic benefit. Do you want to know if you will be one of those who will receive support? Read this note.

Gustavo Petro will promote this subsidy for the elderly, so that they can face the difficult moment that is lived on Colombian soil. The president assured that theBonus of 500 thousand pesos’ it will be for mothers who are heads of households in Colombia. How can I know if I will be one of the beneficiaries?

According to the president’s statements, more than three million older adults will benefit from the ‘Bonus of 500 thousand pesos’. The announcement of this new Solidarity Income has been applauded by the population. Now many people want to know the details, such as payment dates and who will access the bonus. Here we have all the information you need.

It should be noted that the money to pay the ‘Bonus of 500 thousand pesos’ It will not come from private pension funds, but from the national budget, which is now almost exhausted due to the subsidies delivered in 2022, such as Solidarity Income, Families in Action, VAT Refund, among others. In the following paragraphs we bring you up-to-the-minute information about this new economic benefit.

Social Prosperity continues to make payments of subsidies in Colombia. (Video: Social Prosperity)

‘500 thousand pesos bonus’: how to know if I am a beneficiary

The first thing to keep in mind is that this bonus will be delivered to three million older adults who, for various reasons, have not yet been able to collect their pensions. Nevertheless, At the moment, there is no official list that clarifies all the names of the beneficiaries of the ‘500 thousand pesos Bonus’ for next year.

‘500 thousand pesos bonus’: how much is the amount to be collected

To date, the amount that will be given is not known, since only the statements provided by the president of Colombia exist. “A bonus, which instead of $80,000, becomes $500,000 and makes it possible for the old man who is not pensioned today to overcome the poverty lineGustavo Petro said.

There are three million older adults that multiplied by $500,000 clearly implies a pension reform. That is, that part of the contributions that remain in private funds enter Colpensiones, originating the pillar system”, added the Colombian president at the time.

‘500 thousand pesos bond’ in Colombia: payment date

The payment date and beneficiaries of the new subsidy announced by Gustavo Petro are currently unknown. However, it must be said that the Ministry of Finance calculated in May that there are approximately 5.6 million people who are of pensionable age, but who do not have access to a monthly income for various reasons.

What will the economic benefit payment be like in 2023?

According to the media, the payment will be made through 3 pillars:

  • Basic solidarity pillar: An allowance of 500,000 pesos, half the minimum wage, would be guaranteed to three million older adults living in poverty, who do not have a pension.
  • Contributive pillar: all workers must contribute to Colpensiones on the basis of between one and four minimum wages, with the contribution they would be guaranteed a basic pension under the average premium regime. Within this, private funds would also enter, since the reform would establish that people whose income is greater than four minimum wages freely decide where to contribute the surplus.
  • Complementary voluntary savings pillar: in this, Colombians who want to increase their pension could save in a voluntary fund.

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Steps to consult the Solidarity Income payment by ID: this is how you will see if you are a beneficiary.  (Video: Social Prosperity)
Steps to consult the Solidarity Income payment by ID: this is how you will see if you are a beneficiary. (Video: Social Prosperity)

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