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Senate Approves Pension Reform Bill

COLOMBIA
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  • On Tuesday, the senate approved President Petro’s pension reform bill. Lawmakers voted to make the government the manager of around 70% of all worker contributions, while private pension funds would receive the rest. Private pension funds currently receive 75% of the volume of worker contributions, Corredores Davivienda estimated.
  • The bill included a controversial new management fee, a levy of as much as 0.7% on private pension fund assets. The bill now passes to lower house, where the bill may be modified over the course of two more debates.
  • Separately, BanRep Governor Leonardo Villar told lawmakers that GDP is forecast to grow by 3.4% next year as inflation slows and monetary policy eases. Villar also noted the nation’s flexible credit line with the IMF will fall to around $7.5 billion from $9 billion.
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  • On Tuesday, the senate approved President Petro’s pension reform bill. Lawmakers voted to make the government the manager of around 70% of all worker contributions, while private pension funds would receive the rest. Private pension funds currently receive 75% of the volume of worker contributions, Corredores Davivienda estimated.
  • The bill included a controversial new management fee, a levy of as much as 0.7% on private pension fund assets. The bill now passes to lower house, where the bill may be modified over the course of two more debates.
  • Separately, BanRep Governor Leonardo Villar told lawmakers that GDP is forecast to grow by 3.4% next year as inflation slows and monetary policy eases. Villar also noted the nation’s flexible credit line with the IMF will fall to around $7.5 billion from $9 billion.