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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
EMPLOYEE BENEFIT PLANS  
Schedule of liabilities relating to post-employment benefit and long-term benefit plans
The following table shows liabilities relating to post-employment benefit and long-term benefit plans:
Employee benefit plansDecember 31,
2024		December 31,
2023
In millions of COP
19.1 Defined benefit pension plan 140,996 132,854 
19.2 Severance obligation 9,351 14,360 
19.3 Retirement Pension Premium Plan and Executive Pension Plan Premium222,786 195,295 
19.4 Other long term benefits 581,168 543,210 
Total Post-employment and long-term benefit plans 954,301 885,719 
Fair value Plan assets2,746 2,765 
Total Unfunded Post-employment and long-term benefit plans951,555 882,954 
Schedule of defined benefit plans
Defined benefit pension plan and other benefits20242023
In millions of COP
Present value of the obligation as of January 1101,77895,081
Interest cost10,45911,409
Benefits paid(13,003)(12,237)
Net actuarial loss due to changes in assumptions2,2297,025 
Net actuarial (gain) / loss due to plan experience(366)500 
Others2,150- 
Defined obligation, unfunded as of December 31 103,247101,778
Defined benefit pension plan20242023
In millions of COP
Present value of the obligation as of January 13,0515,296
Interest cost234312
Benefits paid from plan assets(524)(1,088)
Net actuarial loss / (gain) due to changes in assumptions117 (174)
Net actuarial gain due to plan experience(63)(361)
Foreign currency translation effect450 (934)
Defined obligation, funded as of December 31 3,2653,051
The following table details the change in plan assets:
Banistmo’s Plan assets20242023
In millions of COP
Fair value of assets as of January 12,7654,619
Interest income on plan assets12980
Benefits paid(540)(1,105)
Foreign currency translation effect392 (829)
Fair value assets as of December 31 2,7462,765
Defined benefit pension plan20242023
In millions of COP
Present value of the obligation as of January 128,02530,878
Current cost of service1,136 878 
Interest cost2,657 2,757 
Past service cost(1)
– (4,821)
Benefits paid(1,668)(1,764)
Net actuarial (gain) / loss due to changes in assumptions(2)
(556)5,544 
Net actuarial (gain) / loss due to plan experience(61)1,272 
Foreign currency translation effect4,951 (6,719)
Defined obligation, unfunded as of December 31 34,484 28,025 
(1)Corresponds to the change in the computable age of the benefit, modified in the year 2023.
(2)The gain for the year 2024 was mainly due to the increase in the discount rate from 9.00% in 2023 to 9.10% in 2024.
Schedule of severance obligation
The balances recognized in the Consolidated Statement of Financial Position are listed below:
Severance obligation20242023
In millions of COP
Present value of the obligation as of January 114,36015,446
Current cost of service267357
Interest cost1,1161,566
Benefits paid(5,369)(6,594)
Net actuarial loss due to changes in assumptions13888
Net actuarial (gain) / loss due to plan experience(1,036)2,697
Defined obligation, unfunded as of December 31 9,35114,360
Schedule of Retirement Pension Premium Plan and Executive Pension Plan Premium
The annual change of the present value of the obligations of defined benefit plans is as follows:
Retirement Pension Premium Plan20242023
In millions of COP
Present value of the obligation as of January 1195,295 176,816 
Current service cost20,632 18,427 
Interest cost18,157 17,338 
Benefits paid(22,004)(18,889)
Net actuarial loss / (gain) due to changes in assumptions1,046 (565)
Net actuarial (gain) / loss due to plan experience(1)
(6,103)24,238 
Foreign currency translation effect(2)
15,763 (22,070)
Defined obligation, unfunded as of December 31 222,786 195,295 
(1)The actuarial gain in 2024 is mainly explained for Bancolombia S.A. by the departure of employees covered by the plan.
(2)Corresponds to Banagrícola S.A. y Filiales and Banco Agromercantil de Guatemala S.A. given higher devaluation between COP to USD currencies.
Schedule of other long term benefits For the periods ended December 31, 2024 and December 31, 2023, the reconciliation of the other long term benefits is set below:
Other long term benefits20242023
In millions of COP
Present value of the obligation as of January 1543,210 446,473 
Current service cost57,653 48,790 
Interest cost56,157 54,878 
Benefits paid(62,762)(55,257)
Net actuarial (gain) / loss due to changes in assumptions(1)
(8,083)38,497 
Net actuarial (gain) / loss due to plan experience(2)
(11,655)18,721 
Foreign currency translation effect6,648 (8,892)
Defined obligation, unfunded as of December 31 581,168 543,210 
(1)In the case of Bancolombia S.A., in 2024 the discount rate decreased from 11.75% to 11.00% and the nominal inflation rate from 6.35% to 5.40%, generating an actuarial gain of COP 8,394.
(2)Mainly in Bancolombia S.A. as the effective salary was slightly below expectations.
Schedule of defined contribution plans
The expense recognized in the line “Salaries and employee benefits” of the Consolidated Statement of Income for defined contribution plans, for current severance regimen and pension benefits, is as follows:
Defined contribution plans20242023
In millions of COP
Pension318,988 286,621 
Current severance regimen92,729 82,963 
Total411,717 369,584 
Schedule of economic assumptions used in the determination of the present value of the defined benefit plans
The economic assumptions used in the determination of the present value of the defined benefit plans, in nominal terms, are as follows:
Colombia
Main projected assumptionsDecember 31, 2024December 31, 2023
Discount rate11.00 %11.75 %
Rate of wage increase7.90 %8.85 %
Projected inflation5.40 %6.35 %
Rate of pension increase5.40 %6.35 %
Bancolombia Panamá
Main projected assumptionsDecember 31, 2024December 31, 2023
Discount rate6.50 %7.00 %
Rate of wage increase2.00 %2.00 %
Projected inflation2.00 %2.00 %
Banistmo
Main projected assumptionsDecember 31, 2024December 31, 2023
Discount rate7.00 %7.60 %
Expected long-term rate of return on plan assets5.40 %2.20 %
El Salvador
Main projected assumptionsDecember 31, 2024December 31, 2023
Discount rate5.20 %6.20 %
Rate of wage increase2.50 %2.50 %
Projected inflation1.50 %1.50 %
Guatemala
Main projected assumptionsDecember 31, 2024December 31, 2023
Discount rate9.10 %9.00 %
Rate of wage increase5.00 %5.00 %
Projected inflation4.00 %4.00 %
Schedule of estimated payment of future benefits
The payments of benefits, which reflect future service rendered, are considered to be paid as follows:
YearsPension BenefitsOther benefits
In millions of COP
202515,775 94,112 
202615,866 102,009 
202715,726 94,663 
202815,638 106,651 
202915,281 99,247 
2030 to 203468,560 524,305 
Schedule of sensitivity analysis for actuarial assumptions
Colombia
Defined benefit pension plan
AssumptionValue(Increase/Decrease)Effect on DBO
In millions of COP
Discount rate11.50 %
0.50% increase
(2,916)
Discount rate10.50 %
0.50% decrease
3,089 
Pension increases5.90 %
0.50% increase
3,456 
Pension decreases4.90 %
0.50% decrease
(3,285)
Mortality TableRV-08 ("Rentistas Válidos")One year increase in life expectancy4,245 
Mortality TableRV-08 ("Rentistas Válidos")One year decrease in life expectancy36 
Retirement Pension Premium Plan
AssumptionValue(Increase/Decrease)Effect on DBO
In millions of COP
Discount rate11.50 %
0.50% increase
(5,630)
Discount rate10.50 %
0.50% decrease
6,119 
Salary increases8.40 %
0.50% increase
6,304 
Salary decreases7.40 %
0.50% decrease
(5,840)
Severance obligation
AssumptionValue(Increase/Decrease)Effect on DBO
In millions of COP
Discount rate10.00 %
0.50% increase
(114)
Discount rate9.00 %
0.50% decrease
117 
Salary increases8.40 %
0.50% increase
286 
Salary decreases7.40 %
0.50% decrease
(280)
Panamá
Defined benefit pension plan
AssumptionValue(Increase/Decrease)Effect on DBO
In millions of COP
Discount rate7.50 %
0.50% increase
(106)
Discount rate6.50 %
0.50% decrease
113 
Mortality TableRP-2000One year increase in life expectancy102 
Guatemala
Defined Benefit Pension Plan
AssumptionValue(Increase/Decrease)Effect on DBO
In millions of COP
Discount rate9.60 %
0.50% increase
(2,780)
Discount rate8.60 %
0.50% decrease
3,179 
Salary increases5.50 %
0.50% increase
2,097 
Salary decreases4.50 %
0.50% decrease
(1,882)
Mortality TableRP-2000One year increase in life expectancy978 
Retirement Pension Premium Plan
AssumptionValue(Increase/Decrease)Effect on DBO
In millions of COP
Discount rate8.40 %
0.50% increase
(1,842)
Discount rate7.40 %
0.50% decrease
1,927
Salary increases5.50 %
0.50% increase
1,973
Salary decreases4.50 %
0.50% decrease
(1,901)
El Salvador
Retirement Pension Premium Plan
AssumptionValue(Increase/Decrease)Effect on DBO
In millions of COP
Discount rate5.70 %
0.50% increase
(979)
Discount rate4.70 %
0.50% decrease
1,055 
Salary increases3.00 %
0.50% increase
154 
Salary decreases2.00 %
0.50% decrease
(228)
Other long term benefits
Colombia
AssumptionValue(Increase/Decrease)Effect on DBO
In millions of COP
Discount rate11.50 %
0.50% increase
(15,480)
Discount rate10.50 %
0.50% decrease
16,430 
Salary increases8.40 %
0.50% increase
16,811 
Salary decreases7.40 %
0.50% decrease
(15,967)
Guatemala
AssumptionValue(Increase/Decrease)Effect on DBO
In millions of COP
Discount rate8.60 %
0.50% increase
(1,223)
Discount rate7.60 %
0.50% decrease
1,307
Salary increases5.50 %
0.50% increase
1,340
Salary decreases4.50 %
0.50% decrease
(1,264)
El Salvador
AssumptionValue(Increase/Decrease)Effect on DBO
In millions of COP
Discount rate5.70 %
0.50% increase
(168)
Discount rate4.70 %
0.50% decrease
179
Schedule of bonuses and short-term benefits
Short-term employment benefit plans recognized in the Consolidated Statement of Financial Position in the line “other liabilities” consist of the following:
Other employment benefit plansDecember 31,
2024		December 31,
2023
In millions of COP
Current severance obligation107,93895,732
Bonuses and short-term benefits(1)
676,967734,916
Other employment benefit plans784,905830,648
(1)The decrease between December 31, 2024 and 2023, corresponds to the bonuses related to employees’ variable compensation. See Note 20 Other Liabilities.