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EMPLOYEE BENEFITS | 12 Months Ended
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Dec. 31, 2024
Disclosure of defined benefit plans [abstract] |
EMPLOYEE BENEFITS | NOTE 22 – EMPLOYEE BENEFITS In accordance with labor legislation in the countries in which Grupo Aval operates, and based on labor conventions and collective bargaining agreements signed between Grupo Aval’s subsidiaries and their employees, employees have short term benefits (including but not limited to salaries, holidays, legal and extralegal premiums, interests on severances and defined contribution plans such as severances), long-term benefits (including but not limited to seniority bonuses), post-employment benefits (including but not limited to medical aids) and retirement benefits (including but not limited to severance payments to employees in Colombia who continue with labor regime before Law 50 of 1990 and legal and extralegal retirement pensions). Compensation of key management personnel includes salaries (see note 34). Through personnel benefits plans, Grupo Aval and its subsidiaries is exposed to several risks (interest rates), which are intended to be minimized by applying the risk management policies and procedures defined under Note 4. The detail of the balance of liabilities for employee benefits as of December 31, 2024, and 2023 is as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
Short term |  | Ps. | 441,644 | ​ | Ps. | 385,296
Post-employment |  | ​ | 405,240 | ​ | ​ | 380,207
Long term |  | ​ | 180,545 | ​ | ​ | 159,329
Total | ​ | Ps. | 1,027,429 | ​ | Ps. | 924,832
​ | ​ | ​ | ​ | ​ | ​ | ​
Plan Asset | ​ | Ps. | (24,126) | ​ | Ps. | (17,024)
Net employee benefits |  | Ps. | 1,003,303 | ​ | Ps. | 907,808
​ ​ ​ 22.1 Post-employment benefits In Colombia, when employees retire after completing the age requirements and weeks of contribution to the social security system, retirement pensions are assumed by public or private pension funds based on defined contribution plans. Entities and employees contribute monthly defined amounts by law to gain entitlement to a pension at the time of retirement. Unlike in Central America, in Colombia according to prior labor regimes, post-employment benefits for employees hired before the year (i) 1968 require pensions to be directly assumed the company for those employees that have fulfilled the requirements of age and years of service and (ii) 1990 entitle employees to receive a compensation equivalent to the last month of salary multiplied by each year of service. Some subsidiaries have labor conventions or pay extra-legal premiums to employees retiring in compliance with the required age and time of service, when they start enjoying the pension granted by the pension funds. Some retirees of Grupo Aval and its subsidiaries receive benefits including coverage of medical treatments. As of December 31, 2024 and 2023, the post-employment benefit expense is composed of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
Defined contribution plan | ​ | Ps. | 116,145 | ​ | Ps. | 108,059
Defined benefit plan | ​ | ​ | 42,907 | ​ | ​ | 44,426
Total | ​ | Ps. | 159,052 | ​ | Ps. | 152,485
​ ​ 22.2 Long Term Employee Benefits Some Grupo Aval subsidiaries grant their employees extra-legal long-term premiums during their working lives per every five years of service that they complete, calculated as days of salary per year of work. ​ Grupo Aval has recognized the liabilities corresponding to these benefits, based on the same actuarial calculations and using the same parameters as in retirement benefits. The following table shows the Post-employment and long-term benefits movements during the years ended on December 31, 2024, 2023 and 2022 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Post-employment benefits | ​ | Long-term benefits
​ | ​ | December 31, 2024 | ​ | December 31, 2023 | ​ | December 31, 2022 | ​ | December 31, 2024 | ​ | December 31, 2023 | ​ | December 31, 2022
Balance at the beginning of the year |  | Ps. | 380,207 |  | Ps. | 349,587 |  | Ps. | 522,196 |  | Ps. | 159,329 |  | Ps. | 133,085 |  | Ps. | 134,831
Service costs |  | ​ | 2,985 | ​ | ​ | 2,690 | ​ | ​ | 3,845 | ​ | ​ | 15,905 |  | ​ | 14,765 |  | ​ | 14,815
Interests cost |  | ​ | 39,923 | ​ | ​ | 41,736 | ​ | ​ | 30,778 | ​ | ​ | 15,439 |  | ​ | 16,699 |  | ​ | 8,949
Past Service Costs |  | ​ | — | ​ | ​ | (2,079) | ​ | ​ | — | ​ | ​ | 4,795 |  | ​ | 10,063 |  | ​ | —
​ |  | Ps. | 423,115 | ​ | Ps. | 391,934 | ​ | Ps. | 556,819 | ​ | Ps. | 195,468 |  | Ps. | 174,612 |  | Ps. | 158,595
Actuarial Loss (Gain) arising from changes in demographic assumptions |  | ​ | 95 | ​ | ​ | (753) | ​ | ​ | — | ​ | ​ | 1,010 |  | ​ | (7,342) |  | ​ | —
Actuarial Loss (Gain) arising from changes in financial assumptions |  | ​ | 2,309 | ​ | ​ | 26,832 | ​ | ​ | (69,967) | ​ | ​ | 2,036 |  | ​ | 473 |  | ​ | (14,149)
Actuarial Loss arising from changes in the experience | ​ | ​ | 40,293 | ​ | ​ | 27,472 | ​ | ​ | 2,167 | ​ | ​ | 9,812 | ​ | ​ | 17,313 | ​ | ​ | 10,456
​ |  | Ps. | 42,697 | ​ | Ps. | 53,551 | ​ | Ps. | (67,800) | ​ | Ps. | 12,858 |  | Ps. | 10,444 |  | Ps. | (3,693)
Payments to employees | ​ | ​ | (63,202) | ​ | ​ | (61,589) | ​ | ​ | (51,306) | ​ | ​ | (27,781) | ​ | ​ | (25,727) | ​ | ​ | (21,817)
Liquidation of entities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (432) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Loss of control in subsidiary (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (98,024) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Discontinued operations (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,251 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Effect of movements in exchange rates |  | ​ | 2,630 | ​ | ​ | (3,689) | ​ | ​ | 4,079 | ​ | ​ | — |  | ​ | — |  | ​ | —
Liability balance at the end of the year |  | Ps. | 405,240 |  | Ps. | 380,207 |  | Ps. | 349,587 |  | Ps. | 180,545 |  | Ps. | 159,329 |  | Ps. | 133,085
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Plan Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at the beginning of the year plan assets | ​ | Ps. | (17,024) | ​ | Ps. | (18,176) | ​ | Ps. | (46,840) | ​ | Ps. | — | ​ | Ps. | — | ​ | Ps. | —
Interests income | ​ | ​ | (1,052) | ​ | ​ | (794) | ​ | ​ | (427) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Remeasurements on plan assets | ​ | ​ | (3,385) | ​ | ​ | (1,788) | ​ | ​ | 5,885 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Loss of control in subsidiary (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 27,269 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Effect of movements in exchange rates | ​ | ​ | (2,665) | ​ | ​ | 3,734 | ​ | ​ | (4,063) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Balance at the end of the year plan assets | ​ | Ps. | (24,126) | ​ | Ps. | (17,024) | ​ | Ps. | (18,176) | ​ | Ps. | — | ​ | Ps. | — | ​ | Ps. | —
Net Balance at the end of the year |  | Ps. | 381,114 |  | Ps. | 363,183 |  | Ps. | 331,411 |  | Ps. | 180,545 |  | Ps. | 159,329 |  | Ps. | 133,085
(1) See note 1.1., "Discontinued operation of BAC Holding". The assumptions used to calculate the obligation projected for different post-employment and long-term benefits employees are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Post-employment benefits * | ​ | December 31, 2024 | ​ | ​ | December 31, 2023 |
Discount interest rate |  | 9.95 | % | ​ | 11.34 | %
Inflation rate |  | 2.95 | % | ​ | 2.96 | %
Salary growth rate |  | 3.73 | % | ​ | 3.80 | %
Pension growth rate |  | 3.00 | % | ​ | 3.00 | %
* Entities in Colombia and subsidiaries abroad participate. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term benefits * | ​ | December 31, 2024 | ​ | ​ | December 31, 2023 |
Discount interest rate |  | 9.95 | % | ​ | 11.40 | %
Inflation rate |  | 3.00 | % | ​ | 3.00 | %
Salary growth rate |  | 4.27 | % | ​ | 4.27 | %
* Only entities from Colombia participate. ​ ​ Employee turnover is calculated based on the experience of each entity. For those entities where a sufficiently long statistic history is not yet available to support the actuarial bases, the SoA2003 table is used as a reference. With this table, the probability of permanence of personnel in the entity is established, modified according to the population factor of each benefit. Employee´s life expectancy is calculated based on the mortality tables RV08 (Colombia) and GA83 (Central America). ​ The sensitivity analysis for post-employment and long-term benefits liabilities due to defined benefits plans to different actuarial and financial variables is shown below, maintaining other variables at constant values (increase or decrease 50 basis points): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | -0.50 basic points | ​ | +0.50 basic points
At December 31, 2024 | ​ | Post-employment benefits | ​ | Long-term benefits | ​ | Post-employment benefits | ​ | Long-term benefits
Discount interest rate |  | Ps. | 12,270 |  | Ps. | 3,815 | ​ | Ps. | (11,583) | ​ | Ps. | (3,642)
Salaries growth rate |  | ​ | (2,568) | ​ | ​ | (4,483) | ​ | ​ | 2,693 | ​ | ​ | 4,759
Retirement growth rate |  | ​ | (11,323) | ​ | ​ | N/A | ​ | ​ | 11,923 | ​ | ​ | N/A
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | -0.50 basic points | ​ | +0.50 basic points
At December 31, 2023 | ​ | Post-employment benefits | ​ | Long-term benefits | ​ | Post-employment benefits | ​ | Long-term benefits
Discount interest rate | ​ | Ps. | 10,764 |  | Ps. | 3,050 | ​ | Ps. | (10,227) | ​ | Ps. | (2,919)
Salaries growth rate |  | ​ | (1,756) | ​ | ​ | (3,819) | ​ | ​ | 2,353 | ​ | ​ | 3,589
Retirement growth rate |  | ​ | (10,443) | ​ | ​ | N/A | ​ | ​ | 10,979 | ​ | ​ | N/A
​ ​ The following table reveals the cash flows without discounted required for payment of post–employment and long-term benefits: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Payments for post- | ​ | Payments for long-
Year | ​ | employment | ​ | term benefits
2025 |  | Ps. | 61,487 |  | Ps. | 32,940
2026 |  | ​ | 56,004 |  | ​ | 25,538
2027 |  | ​ | 52,583 |  | ​ | 26,331
2028 |  | ​ | 51,751 |  | ​ | 24,272
2029 |  | ​ | 48,748 |  | ​ | 23,559
Years 2030 - 2034 |  | ​ | 217,674 |  | ​ | 87,138
Total | ​ | Ps. | 488,247 | ​ | Ps. | 219,778
​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024, the average duration of post-employment benefit plans is 5.89 years (5.52 years for 2023) and for the long-term it is 4.17 years (3.75 years for 2023).

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