Government, production unions, labor unions and experts have been erased today to review the draft of the pension reform project which is expected to be filed this Thursday before Congress.

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These are the changes that are being proposed and how the new pillars of the pension reform would look:

1. Solidarity Pillar: It will be for all those over 65, which are 2.5 million people, who will be given an income above the poverty line, which is equivalent to 223,000 pesos.

This amount is three times higher than the subsidy currently granted by the Colombia Mayor program. This income will be increased according to the economic growth of the country.

The Government expects to file the reform this Thursday, March 16.

2. Semi-contributive pillar: an income will be granted to people who cannot retire, but who have weeks in Colpensiones or savings in their individual account in a Pension Fund Administrator.

«We are going to work so that these people can get a pension,» said the Minister of Labor, Gloria Inés Ramírez.

3. Contributive Pillar: in this it will be all the people of the country that are affiliated to the system, where Colpensiones will receive the contributions up to the first 3 minimum wages quoted and the Pension Fund Administrators will receive the contributions that will exceed the 3 minimum wages.

These two benefits will be combined or complemented to add a single old-age pension.

For example, a person who receives 7 minimum wages must have 3 minimum wages in Colpensiones and 4 of them can be transferred to private funds.

It must be remembered that in the initial Government proposal, this pillar covered all people who earned up to 4 minimum wages. By downloading, more people will be able to measure their savings privately.

According to the Government, the parameters to recognize the old-age pension, such as age and weeks, are maintained.

4. Volunteer savings pillar: people who have the ability to pay can save with this mechanism to obtain a better pension.

New fund for savings and special conditions for women

In addition to this, it is create a savings fundwhich would seek to avoid any impact on the stock market and acquisition of TES or public debt securities.

«This fund will provide guarantees for the payment of pensions,» said the minister.

In this way, according to the bill, the money that members have in their savings accounts would continue to be managed by the AFPs and would only be used to recognize their pensions.

Likewise, the project indicates that they would establish special conditions for women as a reduction in the number of minimum weeks would be granted.

It would be 50 weeks for each child without exceeding 3 children, that is, 150 weeks to compensate for care work.

more changes

According to the bill, disability and survivors’ pensions would continue the same, with the same requirements, but from now on they would be recognized by Colpensions.

Likewise, the project seeks to respect acquired rights, that is, pensioners are in the same conditions.

«We will have a transition period for all those people who will have up to 1,000 weeks. And no Colombian will have their rights taken away,» said the minister.