Private individuals raise more ideas for the care of the elderly population

To the proposal of Asofondos to create a sovereign fund that feeds on resources from Ecopetrol’s profits, the sale of public assets, the tax on the subsidy of high pensions or the elimination of gasoline subsidies to care for the unprotected older population Ideas are added that even link the energy transition in that purpose that the Government wants to solve.

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Daniel Wills, technical and economic studies vice president of Asofondos, states that a pension reform must have as one of its axes the extension of attention to the vulnerable population that never contributed to obtain a pension and of which many receive $80,000 a month through the Colombia Mayor program.

But Wills says that the strengthening of that program to give them a higher figure, and even $500,000 a month, as proposed by President Gustavo Petro, “it cannot be done by destroying the savings that workers build for their future pension. Those accounts should not stop growing. The sources should not be used to pay subsidies as there are other”.

That is why he reaffirms the approach of Santiago Montenegro, president of the guild, of create a sovereign fund for this solidarity pillar of Colombia Mayorwhich is fed with the mentioned sources.

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Wills says that “what matters is saving. It does not matter who manages the resources because they can be public or private companies and not take the wrong direction because what is done today is very important in the future and he pointed out that funds of this type exist in Chile, fed by resources from the exploitation of copper, and in Norway, funded with oil resources.

Juan Carlos Gutiérrez, professor of Finance at Eafit University, suggests that said fund could also be fed from part of the royalties from extractive industries. “If part of the royalties from the sector and dividends are removed to feed the sovereign fund and build a portfolio of renewable energies to link the transition from renewable and non-renewable energies with different projects and it is done in a controlled manner, the recovery can be give in 6 or 8 years and that wealth can feed that fund that Asofunds proposes”.

Andrés Felipe Izquierdo, manager of Integral Pension Solutions, says that the Asofunds proposal “It is in line with what we have proposed since the signing (such as transferring the Minimum Pension Guarantee Fund to pillar 0, ending balance returns and substitute compensation, etc.) and mainly with the needs faced by our current system. Hopefully the spaces are given to continue debating and building together the best possible pension reform”.

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In turn, the expert on pension issues Marcelo Duque says that the savings of those who have decided on the individual savings regime must be respected, that is, private funds. But private funds must also make an effort to become more attractive to their affiliates. He considers that Asofunds makes some valid proposals, but does not assume responsibility from its model of having greater pension coverage.

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