At the end of January, according to the Law, Colombian companies are obliged to pay their formal workers severance payments, which correspond to one month’s salary for each year of service provided.

(Requirements for withdrawal of layoffs for home purchase or improvements).

Likewise, the interests of the same must be consigned to the account of each worker, which is why the employees will receive more money in the payroll of the first month of the year.

Nevertheless, Although the companies pay the layoffs every year, they cannot be used directly by the workersbut they go to the fund to which they are linked.

The Law provides that certain conditions must be met for their retirement, such as the termination of the contract, the purchase of a home, education, local repairs or to finance the higher education of their children or dependents of the workers.

One of the reasons to condition your retirement, only in these cases, is to guard and protect the savings of the workers.

(This is why you will receive more money in your January payroll.)

“Layoffs can be withdrawn by workers without the need for intermediaries or processors, for reasons of contract termination, home purchase, education, locative repairs and to finance the higher education of workers’ children. Its withdrawal is very easy, for example, in Porvenir, unemployed affiliates can withdraw this social benefit 100% online, which will speed up this process and avoid having to go to the network of offices»explains According to Andrés Vásquez, commercial vice president at the Porvenir Pension and Severance Fund.

Vásquez calls on the workers to put this savings to good use so that it becomes a «life jacket» in times of unemployment.

And it is precisely that the layoffs were created to protect the member in case of becoming unemployed or unemployed.

(True or false? The most common myths about layoffs).

Keep in mind that all dependent workers with a current employment contract are entitled to this social benefit.

However, workers with a contract for the provision of services, independent or with full salary, do not have the right to layoffs. Even so, they can save voluntarily under the unemployment savings scheme.

For their withdrawal, the funds have their virtual and face-to-face channels available through which they can easily carry out the process, as the case may be.

(This is how layoffs work in Colombia).

In general, only the identity document and a letter certifying what the resources are going to be used for are required.