2024-03-11 02:48:28
Senator Paloma Valencia expressed criticism of the pension reform through her X account (formerly Twitter), proposed by the National Government, arguing that it benefits the State with additional resources that, according to their point of view, originate from citizens’ pension savings.
In that sense, Valencia argued that this measure would imply a change in the use of funds. They are currently managed by the national budget, redirecting them to pay pensions.
The congresswoman specified that, according to estimates from the Ministry of Finance, the cost of the pension obligation could increase up to 180% of the (GDP). Going up 40% with the reform. Furthermore, he mentioned that, during the final period of the current government. This would receive an injection of 9.4 billion Colombian pesos, and until the year 2065, the State would save paying 265 billion in pensions.
“The CARF (Autonomous Fiscal Rule Committee) determined that starting in 2066, the Contributory Pillar Savings Fund will be exhausted. And it is at this moment that future young people will have to pay the annual deficit, which on average is 32 billion pesos.
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Another aspect highlighted is that the reform proposed by Petro would seek to ensure that all pension contributions are made through Colpensiones. And the higher contributions are managed through private funds. Valencia criticized this measure, saying that it would imply a massive change of contributors from private funds to Colpensiones. Significantly affecting the role of private funds in the country’s capital market.
“Colpensiones becomes an entity that must serve 10.6 million contributing Colombians. He does not have the capacity or the suitability.
He highlighted concerns about Colpensiones’ ability to manage the significant increase in contributors, arguing that the entity has higher administrative costs compared to private funds and has shown inefficiencies in its resource management.
On the other hand, in response to Paloma Valencia’s statements about the pension reform proposal, the senator of the Comunes party, Omar Restrepo, highlighted the deficiencies of the current pension system in Colombia, emphasizing the urgent need for structural reform. According to him, currently the system does not provide adequate protection for old age, showing that only one in five older adults has a pension or economic recognition for their basic needs. situation that he describes as unsustainable both economically and socially.
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