The elderly population of Colombia who get a pension of around $5,500 and up a month will be taxed 5% in order to subsidise over 65’s in need, reported local media Tuesday.
Colombia’s Finance Minister Mauricio Cardenas Santamaria disclosed that there are currently around 2.5 million elderly who receive no financial help and are completely in need.
The decision will be debated on Wednesday October 24 as part of a general tax reform.
Santamaria explained that in 2013 a total of one million “oldies” will begin receiving aid from State resources, claiming a 5% tax on pensions in excess of $5,500 equivalent will contribute to helping 2.5 million pensioners who are in extreme poverty or living on the street.
