BEP seeks protection for the elderly
In June, at the latest, the Periodic Financial Benefits program will be ready to provide 8.8 million Colombians who make less than minimum wage with the chance to earn retirement benefits.
“The idea is for people who make less than minimum wage to save and have lifelong income that is not heritable nor transferrable,” explained Labor Minister, Rafael Pardo. In terms of social security coverage the situation is dramatic, he said, explaining that 89,6 percent of the population is affiliated to health plans but in the case of pensions the percentage only reaches 28,6.
The initiative is among the reforms to the system for the protection of the elderly.