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Petro Asks Lower House To Raise Government’s Role In Pension System

COLOMBIA
  • President Petro said he will ask congress to increase the government’s role in the pension system, beyond what was approved by the Senate this week. Petro said that he’ll ask the lower house to raise a contributions threshold from 2.3 to 4 minimum wages, raising the government’s share to around 82%, from 70% in the current form.
  • Separately, Petro asked congress to eliminate a proposed asset management fee on pension assets. He said that the 0.7% fee on assets managed is excessive and that any fees should be levied on returns instead. The pension reform bill now moves to the lower house where it would need to be approved before June 16. The reform, if approved, would be effective as of July 1, 2025.
  • No macro data are scheduled today, with focus on March unemployment tomorrow. Attention will then turn to next week’s BanRep MPC meeting, when another 50bp rate cut is expected.
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