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This week, the President of the Republic, Gustavo Petro, approved the law establishing the new pension system in Colombia. The bill officially launches the first social reform of the government package and has successfully passed the parliamentary process.
Although the recently approved regulatory framework contains pillars such as solidarity, aimed at alleviating extreme poverty among the elderly population, there are still several aspects that need to be addressed before it can fully enter into force in mid-2025. The Constitutional Court will review the enforceability and overcome different requirements.
At the final stage of the congressional debate, the majority of the full House of Representatives approved the Senate-approved text without modification, thus saving the initiative from sinking. This not only sparked controversy at the time, but also formed the legal basis for the prosecution.
The legal stakes of the new pension law are so high that the president addressed it directly in his speech. “We must not let the reform fail,” Petro said. “I ask people of justice to look at this with the eyes of love, not the eyes of money.”
Beyond the social advantages of the text and the more complex components of actuarial and fiscal affairs, the Nariño House must refrain from exerting these pressures on the magistrates, even in cordial terms. The review of the Constitutional Court must be liberal and based on legal arguments.
On the other hand, in order for the reform to fully work, the problems that the National Government must face in the remaining year are numerous and not simple. First, Colpensiones need to strengthen their management to receive millions of new members under the new rules. The management of billions of dollars of donor resources cannot meet short-term political and electoral criteria.
The second aspect is teaching and civic information. Colombians need to understand first-hand how the reforms will affect them, especially the youngest (who worry about not getting their pensions) and those who will be affected by the transition. Norming the new framework and preparing the system for transition is essential for the success of implementation.
Francisco Miranda Hamburg
framir@portafolio.co
X: @pachomiranda
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