Colombia Pension Reform Gains Momentum Amid Legislative Hurdles
Colombia's lower house has approved a pension reform, championed by President Gustavo Petro, after a constitutional court mandated a re-vote due to procedural issues. The reform aims to bolster the state fund Colpensiones, benefiting millions and easing women's pension eligibility without altering retirement ages.
- Country:
- Colombia
In a significant legislative move, Colombia's lower house has approved a crucial pension reform for the second time, a development backed by leftist President Gustavo Petro. This decision comes after a constitutional court mandate, which ordered a re-vote due to procedural irregularities in the initial round of voting in June 2024.
With an overwhelming majority of 97 lawmakers in favor and only one opposing, the bill's implementation now awaits the constitutional court's final approval. The reform seeks to enhance the nation's pension fund, Colpensiones, directing those earning below $800 monthly to contribute to ensure financial stability for citizens lacking sufficient retirement reserves.
The legislation proposes reduced weeks for women with children to qualify for pensions, providing relief without modifying the national retirement age. Approximately 2.6 million older adults stand to benefit, marking a milestone in Petro's broader economic agenda, despite previous challenges faced in Congress.
(With inputs from agencies.)
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