2024-07-16 21:39:38
This law, which will be approved today in Bogotá’s Plaza de Bolívar, promises to grant a monthly subsidy of $225,000 to more than three million Colombians over 80 years of age who cannot access a pension.
Jaime Dussán Calderón, president of Colpensiones, highlighted the significant changes that this new legislation will bring. Among the most relevant is the implementation of the pillar system, non-existent in Law 100 of 1993, and recommended by international organizations such as the ILO. This system seeks to protect the elderly, the disabled and their families, ensuring comprehensive protection against old age, disability and death.
In Colombia, of the 25 million people of working age, 19 million are affiliated with private pension funds and Colpensiones. However, only 6.8 million are actively affiliated with Colpensiones, and 2.8 million do not contribute due to lack of employment or job stability. With this new law, all working Colombians, currently in private funds, will move to Colpensiones, contributing up to 2.3 minimum wages, with the option of saving more in private funds if their income exceeds that threshold.
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During the transition year, those with the required contribution weeks will be able to retire through Colpensiones or private funds, and the new members will be young people who begin their working life at the age of 18. The pension resources will be managed by the Bank of the Republic, guaranteeing their profitability and protection.
Dussán Calderón advises young people between 18 and 28 years old to join Colpensiones and pay contributionswhile those between 30 and 50 years old should maintain their contributions to avoid future problems. From the age of 50, it is recommended to increase contributions to ensure a higher pension.
“The Pension Law of President Gustavo Petro’s Government is a revolutionary law, it is the most important social law that the Congress of the Republic has approved among the proposals of President Gustavo Petro. This Law guarantees that more than three million Colombians who will not have the possibility of retiring, those over 80 years old, men and women, will have a subsidy of $225,000 per month,” said Dussan.
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