Who Can't Claim Colombia's 14th Pension Payment? Key Answers Inside!

Colombia - The pension landscape in Colombia is not just about the basics anymore. Recent clarifications from Colpensiones regarding the controversial mesada 14 have shed light on who is eligible for this additional annual payment, a matter of great importance for many retirees. The mesada 14 operates like a bonus, equivalent to an extra monthly pension, and is distributed in June each year. But not everyone is privy to this benefit.

According to Portafolio, eligibility for mesada 14 is intricate. For starters, it is available primarily to pensioners who retired before July 25, 2005, and who earn up to 15 legal monthly minimum salaries. Those who retired between July 25, 2005, and July 31, 2011, can also collect this payment, but only if their pension does not exceed three minimum salaries. It’s clear that the rules favor those who had a good hand in understanding the retirement process during those pivotal years.

Requirements and Regulations

Colpensiones stipulates that anyone wishing to claim the mesada 14 must submit a request to them or the corresponding pension fund. Once the request is in, they have 15 days to respond. If the request is denied, it’s not the end of the line; individuals have the right to challenge the decision in court for the recognition of their annual amount.

As for pensioners who are newly qualifying, things have changed significantly since the introduction of the mesada 14. Specifically, the additional payment was initially established under the Law 100 of 1993, which extended the number of pension payments to 14 before reverting to 13 after reforms in 2005. Gerencie explains that while there have been discussions, there are currently no proposals to reintroduce this additional payment for future retirees, signaling a shift in policy focus.

Pension System Overhaul

Compounding the complexity, Colombia is set to implement a significant pension reform on July 1, 2025. This transformation, as detailed by Lockton, will transition the country’s pension framework into a four-pillar system. The new pillars include a Solidarity program, a Semi-contributory program, a Contributory program, and a Voluntary program, aiming at a more comprehensive and equitable coverage for retirees.

The upcoming changes reflect a national attempt to modernize retirement plans, where men with fewer than 900 weeks and women with fewer than 750 weeks of contributions will be affected. Those more than ten years away from retirement will need to shift to this new system, pushing for a quicker adaptation for future retirees. Employers will also be called to action, as these reforms are set to affect ongoing private pension plans significantly.

In conclusion, while the mesada 14 remains a crucial lifeline for many retirees who navigated the earlier pension landscape, the winds of change are blowing hard. The planned reforms not only seek to restructure benefits but also to ensure that the pension system can weather future challenges. Retirees and soon-to-be retirees must stay informed and proactive about their rights and options under this evolving framework.