Pension Reform approved in the Senate – 2024-04-26 10:57:49

2024-04-26 10:57:49

The Minister of Labor, Gloria Inés Ramírez, celebrated the approval in the second debate by the plenary session of the Senate of the Republic of the pension reform project presented by the National Government.

The project, which now goes to the House of Representatives to face two more debatescontemplates transcendental measures to guarantee equitable and inclusive reform. Among them, the creation of a public savings fund to safeguard pension payments stands out.s and the establishment of a single Comprehensive Old Age Protection System, whose administrator will be Colpensiones.

Minister Ramírez stated that this reform represents “aa beautiful opportunity for those most in need«, underlining the commitment to the protection of those who have dedicated their lives to work and the construction of the country. In this sense, he highlighted that more than 2.6 million older adults will be beneficiaries until the end of their days through solidarity income.

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Proud of the decision in Congress for the dignity and protection of old age, and for the leadership of two exemplary women of progressivism, the minister @GloriaRamirezRi and the senator @marthaperaltae, who have been persistent, rigorous and faithful to the popular mandate. https://t.co/mE2r7NFX0Z

— Irene Vélez-Torres (@IreneVelezT) April 24, 2024

One of the most important aspects of the reform is the expansion of real protection coverage for old age through the implementation of three mechanisms: solidarity income, life annuity and pension. It is estimated that by 2052, coverage will reach 87%, benefiting more than 13.7 millions of older people and eliminating extreme poverty in this population.

Likewise, the reform introduces measures to promote gender equality in access to the pension, increasing the probability that a woman obtains her pension and providing a greater subsidy (30%) in the construction of a life annuity in case of not reach it.

Minister Ramírez highlighted that citizens’ savings will be protected and administered by the Bank of the Republicproviding peace of mind and security to all Colombians.

The Pension Reform will come into effect on July 1, 2025, a date that marks the beginning of a new era in the protection and well-being of older adults in Colombia.

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