Requirements to withdraw Porvenir severance pay: Advantages

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In Colombia, Layoffs constitute a social benefit that every employee must have, because thanks to these, it is guaranteed that the worker can meet their primary needs.

In this article, Procedures and requirements, presents all the information you should know about the layoffs and the requirements requested by Porvenir to be able to withdraw them.

What is a Severance?

A unemployment, is a social benefit granted by the employer to the workers. This is manifested by recognizing and paying the corresponding amount, which is equivalent to one month’s salary or salary for each year of work activity.

Said benefit is settled annually, or also at the time the employment relationship is terminated. It must be issued definitively, every December 31 of each year and must be consigned in the severance fund before February 14 by the employer.

Severance payments can be used to finance a home, education, among others. In the event of the termination of the employment relationship, this benefit allows the employee to satisfy their basic needs.

In Colombia, layoffs have certain characteristics, which are presented below:

  • It is a mandatory form of savings.
  • It does not depend on the contract, whether for a definite or indefinite time, the employee has the right to severance pay.
  • It is a tide of safety or protection in the midst of unemployment.
  • The amount corresponding to the benefit is equivalent to one month’s salary for each year of work activity.
  • Severance payments apply to all types of companies, public and private.
  • It can go toward financing a home, or it can go toward higher education costs.
  • The fund corresponding to a layoff has a guaranteed return.

Types of Severance

There are two types of severance pay, the annual severance pay and the retroactive. Below we will explain what each of them is about:

Annual liquidation unemployment

This type of unemployment is settled at the end of each year, it does not have to do with the termination of the contract or the employment relationship. The administration of this social benefit is under the control and domain of private severance funds.

Retroactive unemployment

The retroactive layoffs, are those that are subject to the power of the employer, throughout the term of the contract or employment relationship. It has the monetary value of one month’s salary, for each year of work activity or in proportion to the time of service rendered.

Are considered retroactive, because they are recognized at the end of the employment relationship or the established contract. To determine the amount to be paid for unemployment, the value of the worker’s last salary must be multiplied by the time of the service rendered.

Requirements to withdraw Porvenir severance pay

Porvenir is an entity established in Colombia that operates in the insurance sector. It is responsible for establishing the connection between contacts, projects, shareholders, among others. It focuses primarily on financial services, insurance and pensions.

Porvenir SA is a Colombian firm, which belongs to the local financial conglomerate “Grupo Aval”. This was founded and established in 1991, specifically in the Colombian capital Bogotá.

Le Firma Porvenir, is in charge of managing the pension and severance funds, insurance, and some investment alternatives. At present, it is considered the largest administrator of pension and severance funds in Colombian territory.

For withdraw severance pay in Porvenir, a series of requirements must be met, which are expressed below:

  • You must present the personal identification document, in original and copy at 150% enlargement.
  • Document of summary evidence in original of the completion of the contract.
  • If it is an employer substitution, you must submit a written communication from the former employer, proving the employer substitution and the date of operation.
  • In the case of a call for military service, you must submit a document signed by the employer stating that the member has been called for military service.
  • For integral salary, you must issue an original letter where the employer’s signature appears, in which the payment of the integral salary and the date of operation is accredited.

To finance a home

  • Personal identification document, original and 150% enlarged copy.
  • Original letter on company letterhead, signature, name and position held by the person who authorizes, proving that the benefit will be used for the purchase of a home or also for the release of a real estate or other related destination .

To finance Higher education

  • Copy of the receipt of payment of the institution, or some other document where the value of the registration is accredited. It is important that the name of the student appear, the degree to be taken, and the level of study they have.
  • In the event that the institution where the study will be carried out is not registered with the Ministry of Education, it must present the approval resolution, where it is clarified that it is an educational entity for work and human development.

What are Severances for?

Social benefits “Severance”Their purpose is that once the employee stops working, he has the necessary monetary resources to cover the primary needs, such as food, education and housing, both for him and his family. Because thanks to this benefit, it gives you the protection and economic security that it requires.

They can also be considered as a saving way, which is provided by the employer, which can be enjoyed by the worker at the time the work activity ends.

Advantages of Severance

Next we are going to mention some of the advantages that unemployment benefits have:

  • It is a great way to save.
  • Protects the worker economically in the midst of unemployment.
  • Every worker has the right to severance pay, regardless of the type of contract he or she has.
  • The withdrawal form is extremely easy and simple.
  • Through these social benefits, the worker can choose to buy a home or pay for higher education.

Video

There are easier ways to withdraw severance pay, in this video we will show you how:

We hope that the information presented will be useful for the retirement of your layoffs.

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