As discussions unfold over the details of pension reform, crucial questions arise about its impact on different sectors of the population, as well as on the mechanisms that will be implemented to protect the most vulnerable.
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“According to Law 2381 of 2024, this reform seeks to address historical challenges of the system, such as low coverage, gender inequality and financial sustainability”says Tatiana Garcés, Employment and Compensation partner at Baker McKenzie.
And he adds that, by implementing a Comprehensive Social Protection System, The aim is to guarantee a dignified old age for all citizens, expanding coverage to pension benefits.guaranteeing gender equality through the reduction of contribution weeks for women and ensuring the long-term economic viability of the system.
However, there is still much to be regulated in the implementation process, which indicates the complexity and relevance of these changes for the country.
How to know what your savings are in Colfondos.
“There is still no clarity on the financing of the system, in the medium and long term, that allows us to face the gradual reduction of the active population, due to its aging, increase in life expectancy, and the maintenance of the same contribution amount”says the expert.
Proposals
According to Fabio Humar, criminal lawyerthe reform establishes a system that is made up of the following pillars.
– Solidarity Pillar: provides a basic income of $225,000 per month to more than two million older adults in poverty.
– Semi-contributory pillar: benefits those who, although they contributed, did not meet the requirements for a pension, providing them with a life annuity.
– Contributory pillar: establishes that workers who earn up to 2.3 minimum wages must contribute to Colpensiones. Income additional to this threshold can be quoted in private funds.
– Complementary Voluntary Savings Pillar: allows members to make additional contributions voluntarily to improve their pension.
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Pension
“The reform aims to expand the coverage of the pension system, reduce poverty in the elderly population and improve the financial sustainability of the system by reorganizing contributions and subsidies”says criminal lawyer Humar.
The reduction in weeks for women stands out, decreasing by 50 weeks for each child, up to a maximum of three children. As well as the transition regime, which allows men with 900 weeks of contributions and women with 750 weeks, as of December 31, 2024, to retire according to the previous rules.
Who does it apply to?
Active workers stand out; those who currently contribute to the pension system will see adjustments in contribution requirements and options. As well as older adults in poverty, who will receive the basic income from the Solidarity Pillar.
And members in a transitional regime, who meet the requirements to retire under the previous rules.
Pension
To take into account
Daniela Caicedo, director of the labor practice area at Brigard Urrutia, recommends reviewing which of the three possible scenarios you are in, depending on the weeks paid and your age.
1. If you are part of the transition regime, that is, if as of June 30, 2025 you have 750 or more weeks of contributions (if you are a woman) or 900 or more weeks of contributions (if you are a man), in which case the Law will continue to apply. 100 of 1993.
2. If the pension reform applies to you, which will occur if as of July 1, 2025 you have less than 750 weeks of contributions (if you are a woman) or less than 900 weeks of contributions (if you are a man).
3. If you have the possibility of changing regimes, that is, staying in a Pension Fund Administrator or moving to Colpensiones.
“Applies to beneficiaries of the transition regime (750 or more weeks of contributions for women and 900 or more weeks for men) who are less than 10 years away from reaching pension age (47 years or more for women and 52 years or more). more for men)”, explains Caicedo.
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