What are the statutory pension benefits in Colombia?

In Colombia, the General Pension System, which is part of the social security system, offers statutory protection against old age, disability, and death. The system includes two core regimes:

• Individual Saving Regime with Solidarity (RAIS): Managed by private pension funds, this scheme allows individuals to finance their own pensions through contributions made during their working life.

• Average Premium Regime (RPM): This is a defined benefits system based on the number of weekly contributions made by the employee throughout their career, as well as the contribution base salary over the final 10 years of their career. The government agency Colpensiones administers this regime. It is mandatory for those in hazardous employment to be covered by RPM.

Employees may enroll in only one of these pension schemes at a time.

During unpaid leave, specific provisions for social security payments are in place:

• The employer continues health insurance contributions, while the employee does not.
• No contributions are required for work injury insurance (ARL).
• Both employer and employee must continue their pension contributions, either through advance deduction or by the employer covering the employee's contribution during the leave period.