In moments of high inflation and economic uncertainty, layoffs and interest on layoffs will be found in a necessary financial support.
(How and for what could you withdraw your layoffs?).
According to the latest data published by Asofondos on the behavior of layoffs for the end of 2021, an increase of 13.2% was identified in withdrawals from this savings mechanism for a total amount of $7 trillion pesos delivered.
Thinking of the Colombians who will receive this money, Banco Caja Social, a Grupo Social Foundation company, gave advice on how to use this additional income responsibly, improving personal finances.
Layoffs, which protect the worker in the event of losing their job or allow them to have liquidity to buy a home, remodel or study, correspond to one month’s salary per year or proportionally and must be consigned by the employer in the severance fund. before February 14 of each year.
(Requirements for withdrawal of layoffs for home purchase or improvements).
In addition, there is interest on layoffs, money equivalent to 12% of layoffs that is paid directly to each worker before January 31 of the following year in which they were caused.
Below are recommendations to properly manage the money from layoffs and their interest:
1. Set clear goals: withdrawing layoffs each year is one that does not favor the economy because doing so will lose financial liquidity that may be required at another time. Set a long-term goal or objective, saving this money for a down payment on a home or to finance your higher education studies.
2. Savings: Although the money you receive from severance interest is a one-time additional resource, you should avoid it becoming pocket money. For this, the recommendation is to save, because that way you can meet goals, but you can also use these resources for a time of financial emergency that is not included in your budget, such as an increase in the price of food, goods or services; unemployment or family calamity.
3. Think about investing: increasing money over time will always be an excellent decision. To do so, you can opt for tools such as investment funds; a savings/investment alternative, which invests customer contributions in different financial assets, such as Bonds, TES, CDT’s, among others.
4. Build a credit history: You can do it through savings and tools such as «My Savings, My Credit», a solution from Banco Caja Social that allows you to save from $50,000 pesos a month to access credits of up to eight times your monthly savings; You do not need an opening amount and you are building a financial history without long processes or paperwork.
(Severance interest: when and how is it paid?).
Of course, like any habit, acquiring the discipline necessary to build a healthier financial future is not something that is achieved immediately. However, these tips allow the community to recognize how surplus money can become an impetus towards progress and, to achieve this, Banco Caja Social reiterates its commitment to accompany Colombians in building their financial well-being.