During 2022 the value of the severance funds, owned by Colfondos affiliates, Futureprotection and Skandiait reached $15.9 trillion, slightly lower than the amount registered in 2021 when the figure was $16.2 trillion.

in accordance with Asofondosthe affiliates of the four administrators (AFP)used $7.9 trillion, which means that withdrawals in 2022 rebounded 12.7% compared to 2021.

(See: In 2024, 40% of the housing supply would be sustainable).

These resources have been allies of Colombians when they lose their jobs, helping them to cover their expenses while they were able to re-employ themselves. They were equally supportive in obtaining housing, or in their education or that of their loved ones”said Santiago Montenegro, president of Asofondosunion representing the AFP.

according to unionfulfilling the purpose essential, the protection of the worker at the time of being laid off, this use was the most used item last year.

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Due to the termination of the contract, the workers they withdrew more than $2.9 trillion, 36.8% of total withdrawals.

With respect to 2021a year of economic recovery due to covid-19, withdrawals for this reason increased by 19.5%.

Asofondos revealed that the workers members withdrew $2.12 billion from their severance funds to homebuying and $2.07 trillion to improve or release housing debt, which implies that close to 53% of the total withdrawals.

Regarding 2021, the use of housing purchases will have 1.1% ($2.14 trillion), while withdrawals for home improvement concept grew 27% ($1.6 trillion).

For education, workers withdrew $580,000 million, representing 7.4% of withdrawals.

«This implies an 8.5% increase in the value of withdrawals compared to the immediately previous year»accurate montenegro.

For their part, the affiliates private severance funds reached 9.3 million workers with cut-offs December of 2022.

It should be remembered that all workers who will enjoy this benefit will be able to see their payments reflected in the coming weeks, no later than February 14 when the beneficiaries will deposit in their severance fund this social benefit.

The AFP Protection said that in 2022 it collected close to 38% of the national total, growing above the industry.

(See: Deadline for registrations for housing subsidies in Bogotá extended).

For his part, Andrés Vásquez, Commercial Vice President of Porvenir said that the AFP collected $3.9 billion in 2022 from 170,502 companies, of which more than 125,000 are legal persons and 45,000 natural persons. The fund has more than 5 million unemployment affiliates.

The executive said that he would receive the layoffs constitutes insurance in case of unemployment for Colombianswhich allows that, in times of job uncertainty, today’s savings help us with tomorrow’s situations.

(See: How to plan the down payment for the purchase of a house in 2023).

Andrés Vásquez assured that the layoffs without a doubt they continue to be the best ally that Colombians have to face moments of unemployment, also, this savings has become a key resource to carry out projects related to housing and study. This is saving with a purpose and, therefore, when disposing of these resources it must be done responsibly”.

The keys to responsible service management

Banco Caja Social, company of Fundación Grupo Social, gave four tips to use this additional income responsiblyimproving personal finances.

The first is to establish clear goals: he says that withdrawing layoffs each year is a decision that cannot be favors the economy because by doing so it will lose financial liquidity that may exist in another moment for a home or studios higher education.

The second is that the interest on layoffs, which are paid before January 31 (12% of salary in case of having worked the full year) should be saved.
The third is that you can think of making an investment in one of the alternatives such as investment funds.

The fourth piece of advice is that you should build a credit history and savings mechanisms to access credits of up to eight times the monthly savings such as those offered by the bank.

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