Information contained in this publication is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.
Browse through brief employment and labor law updates from around the globe. Contact a Littler attorney for more information or view our global locations.
View all Q2 2023 Global Guide Quarterly updates Download full Q2 2023 Global Guide Quarterly
Interest Rate of Pension Bonds
New Legislation Enacted
Author: Juliana Ramos, Associate – Godoy Córdoba Littler
Circular 17 of 2023 of the Superintendence of Finance establishes the interest rate of pension bonds. Such bonds will accrue interest at a rate equivalent to the DTF from the date of issuance until the date of surrender.
The DTF for February 2023 for pension bonds of members of the Individual Savings Regime transferred before December 31, 1998, is 1.97%. The DTF for February 2023 for pension bonds of members of the Individual Savings Regime transferred after December 31, 1998, is 1.89%
Interest Rate for Transfers of Pension Savings
New Legislation Enacted
Author: Juliana Ramos, Associate – Godoy Córdoba Littler
Circular 18 of 2023 of the Superintendence of Finance establishes that the interest rate for February 2023, for transfers of pension savings from the Individual Saving Regime to the Collective Savings Regime is -2.42%
Multilateral Agreement on Social Security Declared Constitutional
New Legislation Enacted
Author: Gabriela Pacheco, Associate – Godoy Córdoba Littler
The Constitutional Court declared that Law 2103 of 2021, which adopted the Ibero-American Multilateral Agreement on Social Security, is constitutional. The agreement, which Colombia signed in 2007, aims to coordinate the social security legislation on pensions, and allows citizens of the signatory countries to access pension, adding their acknowledged years of work in different countries, regardless of their place of residence.
Congress passed this law in 2021 but was pending approval by the Court before going into effect.
Pension and Unemployment Aid Funds Must Guarantee Minimum Return
New Regulation or Official Guidance
Author: Juliana Ramos, Associate – Godoy Córdoba Littler
Circular 16 of 2023 of the Superintendence of Finance establishes that the pension and unemployment aid funds must guarantee their affiliates a minimum return. The circular stipulates the minimum return standards that each type of fund must guarantee.
