The president of the Colombian Association of Pension and Severance Fund Administrators (Asofondos), Santiago MontegroIn an interview with EL TIEMPO, he said that if the pension reform is approved, Colombians could work more before being able to retire.

Montenegro emphasized that «today a 62-year-old man, in the pension funds, can retire with 1,150 weeks of contributions. With the proposed scheme, he must contribute 1,300 weeks, another three years to meet the retirement conditions.

(See: Ministry of Finance defends the pension reform and its contribution threshold).

at the moment a person requires 1,150 weeks of contributions to obtain the pension and the project, as it has been proposed up to now, does not modify the age or the weeks for the pension. However, for Asofondos, some points represent a danger for old age.

With the original text of the reform, Colombians who receive Yoincome of up to 3 monthly minimum wages required to make mandatory contributions to Colpensiones.

(See: Pension funds, the largest funders of the Government?).

And if you earn 7 minimum wages a month, three of those must go to Colpensiones and the rest to private funds.

Consequently, for Asofondos, those who would be directly affected by the project are young people.

(See: Early old-age pension: see how you can apply for one).

«The project does not really promote the sustainability of the system, nor does it adequately adopt to correct the problem of population aging that can only be achieved with greater savings,» added the guild.

Furthermore, he said that «The reform leaves a growing debt: more elderly to cover in old age, whose bill will come at costs for young people in the future, leaving great uncertainty about the possibility of having their own pensions«.

(See: Challenges and virtues of the pension reform, according to Porvenir).

However, Asofondos, which recognizes within the positive aspects of the proposal are: «The strengthening of the solidarity pillar for older adults in a state of vulnerability, the reduction of inequitable subsidies to people with higher incomes and the elimination of competition between regimes».