Savings System BEP

Savings mechanism designed for old age, which consists in the generation of a long-term savings, for which different specific incentives may be implemented by the Government to stimulate people to enroll and continue to save during their productive stage, thus ensuring income during their retirement stage.

Periodic Financial Benefits—BEP—are granted to persons of scarce resources that do not meet the requirements to access the right to pension with the General Pension System; the benefit is less than the minimum wage and it seeks to settle the basic financial needs of the retirement stage.

These benefits are currently subject to the regulations that the National Government has been developing for specific aspects.