Global News Brief

The Colombian Senate approved a “family pension” (“Pensión Familiar”) on June 18, 2009 with more lenient eligibility conditions to receive pension benefits than are currently attached to the individual state pension. It is designed for those who have reached the statutory retirement age, but do not fulfill other eligibility requirements to receive a pension – estimated to be around 80 percent of the current Colombian workforce.

Key Details:

The main provisions of the law are as follows:

• Individuals who wish to retire but do not meet the minimum number of weeks worked or accumulated assets in their pension funds to be eligible for pension benefits can now combine their weeks worked or assets accumulated with their partner.
• However, only one individual per couple will be able to receive retirement benefits with these combined hours or assets.
• Eligible workers will be married individuals who are at or past retirement age.