What Happened
The Ministry of Economy and Finance has defined how it will calculate the value of the Certificados de Pago Negociables por Interés por Mora, known as Cepanim. The amount will not be the same for all beneficiaries, but will depend on a mathematical formula tied to each person’s years of work and reported contributions.
The calculation uses the amount withheld from the second installment of the thirteenth-month payment and the contribution records reported to the Social Security Fund between April and August of each year worked. That approach means each beneficiary will receive an individualized figure based on their labor history.
Legal Basis
The formula is established in Executive Decree No. 19 of April 23, 2026, published in the Official Gazette, which regulates Law 506 of January 15, 2026. The decree sets the framework for applying the Cepanim mechanism and for determining how each certificate will be valued.
The payment calculation also applies a simple annual interest rate of 3% over 34 years, covering the period from 1983 to the entry into force of Law 15 of 2017. That interest component is part of the final value assigned to each certificate.
How the Calculation Is Split
The Ministry of Economy and Finance said beneficiaries could receive up to four separate certificates, depending on the years in which they contributed. The system is organized into four historical periods: 1972–1974, 1975–1977, 1978–1980, and 1981–1983.
Each period is treated separately in the calculation, allowing the final amount to reflect the contributions made during those years. The structure is designed to match the labor and payroll records associated with each beneficiary’s working life.
Why It Matters
The Cepanim calculation is significant because it establishes a specific formula for determining compensation tied to unpaid interest and labor contributions. For beneficiaries, the key factor will be the record of contributions registered with the Social Security Fund and the time worked within the periods defined by the decree.
With the regulations now in force, the mechanism gives a clearer framework for how these certificates will be assigned and valued across the different historical contribution windows.