By Natalia Rueda 
The Colombian Senate has taken a major step towards providing greater security to its retirees, approving a bill for pension reform in its first legislative debate. The reform project, led by the Minister of Labor, Gloria Inés Ramírez, obtained 8 positive votes and only 3 negative ones, with support from the members of the Historical Pact and the ruling government of Gustavo Petro.
The government’s pension reform first proposed by the government of president Petro seeks to unify the public system, “strengthening Colpensiones and generating greater solidarity and universalization of the right to a dignified old age.” To do so, it will establish four pillars within the pension system: solidarity, semi-contributory, contributory and voluntary savings. It also sets a contribution threshold to the contributory pillar of three minimum wages and includes the court ruling that reduces the contribution weeks from 1,300 to 1,000 for female retirees to claim their pension.
The reform has the potential to improve the life of millions of elderly citizens in Colombia who lack income and financial security. It is estimated that more than 3 million citizens are excluded from the pension system and face dire economic conditions in the face of retirement. The hope is that the reform will provide them with access to the national protection system, guaranteeing them a minimum monthly income of $223,800.
The approval of the reform in the Senate is an important victory for president Petro and his administration after a period of political uncertainty and turmoil, and the project now awaits two additional debates in the House of Representatives before it can officially become law. Nevertheless, the approval of such an integral project to providing financial security to Colombian citizens is a sign of hope that the government will prioritize the needs of its elderly citizens, ensuring that they are taken care of in their twilight years.