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Lower House Labour Committee Approves Pension Reform Bill

COLOMBIA
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  • Last night, the labour committee of the lower house of Congress approved the government’s proposed pension reform bill. The committee maintained the Senate approved threshold of 2.3 minimum wages for labour contributions that would be managed by the public sector and set a fee of up to 0.6% on assets that private pension funds will manage. The additional 2% fee on real returns that was approved by the Senate was rejected by the lower house committee.
  • The bill will need a final approval in the lower house, followed by a vote to reconcile any differences between the two chambers. Pension reform would be implemented starting July 2025.
  • No macro data are due today, but the government’s oil and gas agency will present its annual report at 1530BST(1030ET). Next week, April unemployment date will be released on Friday, while BanRep will also hold a (non-monetary policy) Board meeting that day.
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  • Last night, the labour committee of the lower house of Congress approved the government’s proposed pension reform bill. The committee maintained the Senate approved threshold of 2.3 minimum wages for labour contributions that would be managed by the public sector and set a fee of up to 0.6% on assets that private pension funds will manage. The additional 2% fee on real returns that was approved by the Senate was rejected by the lower house committee.
  • The bill will need a final approval in the lower house, followed by a vote to reconcile any differences between the two chambers. Pension reform would be implemented starting July 2025.
  • No macro data are due today, but the government’s oil and gas agency will present its annual report at 1530BST(1030ET). Next week, April unemployment date will be released on Friday, while BanRep will also hold a (non-monetary policy) Board meeting that day.