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this rEgyptPension forms It is about to complete its process in Congress. However, time does not seem to be on their side.
The motion has just one more debate left before it can pass the Legislature and move on to the reconciliation that must take place between the House and Senate in order for it to be enacted. You have 12 days remaining on the calendar to do this. Before the end of this legislative session.
As the pension discussion reached its apex, former Finance Minister José Antonio Ocampo stressed the need for two fundamental changes during the last debate on the item.
According to economists, the first Members of the savings fund managed by the Bank of the Republic must be appointed by the government Based on the list sent by the issuer. For elections it is very important that the candidates meet the experience requirements established by law.
Another adjustment that should be considered is to maintain the transition to the new system at 1,000 weeks. Ocampo believes this is important because “Otherwise, the transition will take more than 20 years and will incur additional costs.”
(Read more: Initiative to reduce bureaucracy in Bogota approved)
For the last debate on pension reform, it was necessary to introduce two fundamental changes. First, members of the savings funds managed by the Bank of the Republic must be appointed by the government on the basis of a list sent by the bank and meet the…
— Jose Antonio Ocampo (@JoseA_Ocampo) June 4, 2024
(See: Labor reform: They again ask to postpone debate until next legislature)
Regarding the positive aspects that the bill has introduced, in the column of EL TIEMPO, The former minister stressed three points.
“First, it creates a system where the average premium system, managed by the Colpensiones, is complemented by a capitalisation system, which will continue to be managed by the pension funds.” Ocampo pointed out.
The second major change that stands out is Building a pillar of solidaritywhich eliminates extreme poverty among the elderly who have no pension. To complete the list, the former official highlighted the semi-contributory system for those who cannot make contributions for at least 1,300 weeks, which will grant a lifelong annuity with additional support from the government.
(More news: Pension reform would cost $52 billion a year, fiscal rules committee warns)
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