These are the changes that the pension reform would have

Within the framework of the roundtable for the pension and labor reform, in which the Ministry of Labor, unions and workers unions participate, the main elements of the draft of the pension reform.

(See: Life pensions for former presidents: why Latin countries pay them).

In relation to the original proposal of which the Government had spoken for the construction of a pillar system, the first point of the reform would have a solidarity pillar that would benefit all adults over 65 years of age with a subsidy of $223,000.

That money would be received by 2.5 million older adults.

Also, a semi-contributive pillar is created, which will grant a rent to people who could not retire, but who have full contribution time, either through Colpensiones or private funds.

(See: What to do if you exceed the minimum weeks to retire).

A third pillar would be the contributory In this, all people who earn up to three minimum wages must contribute to Colpensiones and the AFPs will receive contributions above this range.

According to the Ministry of Labor, theThe weeks of contribution, as well as the age, are maintained.

(See: Colombians abroad will be able to contribute to a pension: this is the process).

The last pillar is called the voluntary individual savings, in which all the people who have the ability to save to improve their pension will be.

As reported, the pension reform project also proposes:

– Create a Savings Fund. With it, any impact on the stock market and acquisition of TES or public debt securities would be avoided. The document says that the money that affiliates have will continue to be managed by the Pension Fund Administrators (AFP) and “they will only be used for the recognition of their pensions“.

(See: How much do Colombians enjoy the pension).

– Special conditions for women. A reduction in the number of minimum weeks would be granted: 50 weeks for each child without exceeding 3 children, that is, 150 weeks to compensate for care work.

– Disability and survivors pensions. They would not have changes and the requirements would be the same, only that Colpensiones would recognize them.

– Acquired rights. Retired people would continue with the same conditions.

– Transition regime. It would apply to members of the pension system who have 1,000 weeks of contributions. They would respect the conditions of the previous regime (Law 100 of 1993).

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