“We do not know why the Ministry of Finance gave fiscal endorsement to the pension reform”


Another project expected to be reactivated in the coming weeks is the pension reform. In this regard, the critical point continues to be the threshold of the contributing pillar. And in recent days, a debate has also emerged about the financial guarantee issued by the MinHacienda.

In this regard, Mauricio Santamaría, president of Anif, commented that they consider that the threshold should be lowered to the minimum, and that the reasons why the portfolio issues the guarantee are not understood.

Among some data provided by the think tank, they mentioned that one in four people of pension age receives a pension allowance under the current conditions. “And the low coverage is explained by the high informality. Until we fix the problems in the labor market, it will be impossible for many people to retire. The labor reform increases the barrier for people outside the formality, “said the president of Anif.

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Regarding the contribution threshold of Colpensiones in the contribution pillar, which is currently set at three minimums, The expert explained that “now a person who retires with three salaries has a subsidy of $ 550 million. And in 2024 we will pay $ 96.4 billion for the average premium regime.” And with this, he explained that 92% of the population earns less than three minimum wages, so Colpensiones will take most of the savings. It, moreover, says that it affects the AFPs, which are now the main holder of the TES and the largest axis of investment. For this reason, Anif proposed to reduce the threshold to a minimum wage, which would lower the savings that Colpensión gets from 92% to 50%.

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Regarding the financial guarantee issued by the MinHacienda

Regarding the guarantee issued by the Treasury portfolio in recent days, Santamaría emphasized that it recognizes that the pension liability will increase with the reform. This is because within the liabilities they include the semi-contributory and the solidarity pillar. And unlike previous projections, they conceptually extend the time horizon to 2100.

“In the concept issued by the MinHacienda it is recognized that in 2052 the coverage will decrease and the debts will increase. So, why did they give the financial guarantee? The ministry believes that Colombia will have an increase of 5% in the next 100 year. We do not know why the guarantee is given when debts increase up to 40 points of GDPSantamaría said.

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