Jue. Mar 30th, 2023

After several months, the government of gustavo petro he uncovered his letters in pension matters and presented to the different production unions and the labor unions the draft of the reform with which he wants move towards a unified system that is mostly public, in which Colpensiones has more weight.

The bill, which will finally be filed before Congress this Wednesday, March 22, contemplates a new pension system based on four pillars: solidarity, semi-contributory, contributory and voluntary savings.

All adults over the age of 65 who are in a condition of extreme poverty will be in solidaritypoverty or vulnerability (some 2.5 million people), who would be given an income above the poverty line, which is equivalent to 223,000 pesos, and which would be increased each year by inflation.

However, this is a lower amount than the one initially raised by the Government. LThe proposal was to give them a basic income of half the legal minimum wage in force, about 580,000 pesos by 2023, to all those people who were not able to obtain a pension and its goal was to shelter 3 million older adults.

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I would also bel semi-contributory pillar, which seeks to grant an income to people who have between 150 and 1,000 weeks listed in Colpensiones or in private funds, but who were unable to retire.

Those who currently earn between 1 and 3 minimum wages would have to go to Colpensiones and the AFPs would keep the rest.

To these too they would be given a life annuity that would be determined based on different values ​​such as the amount of contributions.

The contributory pillar has two components: the average premium and individual savings. Here would be all the people in the country who are affiliated with the system.
Between 1 and 3 minimum wages would be quoted in Colpensiones and above that value in the Pension Fund Administrators (AFP), such as Porvenir, Protección, Colfondos and Skandia. When calculating the allowance these two benefits would be combined.

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This means that 88 percent of private fund contributors, who are currently earning between 1 and 3 minimum wages, they will have to go to Colpensiones and the AFPs would keep the rest.

The money that affiliates have in their savings accounts would continue to be managed by the AFPs and would be used to recognize their pensions.

With this, the reform would eliminate subsidies to high pensions that today manages Colpensiones, since the maximum pension that would be paid in the public system would be 3 minimum wages.

According to the project, Colpensiones would begin to manage a new savings fund that would be fed by the income from the contributions of the medium premium contributory pillar. With its creation, the Government says that would seek to avoid any impact on the stock market and acquisition of TES or public debt securities. However, experts say that its conformation is still not very clear.

On the other hand, in the project, the money that affiliates have in their savings accounts would continue to be managed by the AFPs and would be used to recognize their pensions.

Finally, it would be the voluntary individual savings pillar in which people who would have the ability to pay could be in order to obtain a better pension in the future.

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transition regime

all these changes they would not touch people who already have 1,000 weeks quoted. These would enter a transition regime and Law 100 of 1993 would continue to be applied to them.

In addition, all these people will have 2 years to change regime. In this way, workers who are not given the bills today will have one last chance to switch from private to Colpensiones or vice versa.

In addition to this, this reform nor does it change the parameters to recognize the old-age pension, such as age and weeks. What will change is the contribution that workers who earn 4 minimum wages make to the solidarity fund, which would rise from 1 to 2 percent.

In addition, it is established that pensioners who earn an allowance of between 10 and 20 minimum wages will contribute to the solidarity fund by 2 percent, and those with more than 20 minimum wages will do so by 3 percent.

Por admin