José Antonio Ocampo, former Minister of Finance and Public Credit of the government of President Gustavo Petrospoke about the approval of the pension reform paper in the first debate, mentioning that, of the social reform package, it is the one with the greatest viability

Through an opinion column for EL TIEMPO, Ocampo urged the importance and points to highlight about the bill, as well as the work that took place in its construction by various government entities.

(Pension reform: changes that the transition regime will have).

«(…) the original project resulted from excellent joint work between the Ministry of Labor and the Ministry of Finance«, said.

The former head of portfolio spoke about how the reform works, highlighting three aspects «fundamental«, such as the case of the solidarity mechanism that, according to him, «far exceeds the Adulto Mayor program«.

He also said the bill removes a «mistake«in the Law 100 of 1993which was to have left Colpensions in competition with individual savings pension funds”instead of as accessories, as in other countries of the world«.

(Pension reform: this was what occurred in the first debate).

Another aspect that Ocampo highlighted was the creation of benefits for people who, for some reason, could not complete the work weeks to contribute, as in the case of the life annuity in the event that the person has less than 1,000 weeks of contributions or an early benefit for people over 65 who do have those weeks«although with the obligation to continue contributing while receiving that income«.

Jose Antonio Ocampo.


Ocampo also mentioned several additional costs that were introduced to the bill, such as the case of the permanence of the requirement of Law 100 on the number of weeks quoted for men and women.

(These are the requirements to inherit a pension in Colombia).

«That raises system costs for several years. It would be good to return the amount of 1,000 weeks that the Government probably would, which in any case generates a benefit for women due to their lower retirement age«Said the former portfolio manager.

Another additional cost that Ocampo mentioned was the inclusion of the decision of the Constitutional Court to reduce the contributions for women to 1,000 weeks, ensuring that, since Colombian women have a longer life expectancy than men, in addition to an age of minor retirement, they would end up receiving their pension for 27 years, compared to the 20 years with which they would be contributing.

(Petro’s words after the approval of the pension in the first debate).

«This makes no sense. Much more logical would be to improve the Government’s proposal to give women a benefit for children born, adding other care activities (for older adults or people with disabilities).«Ocampo said.

Ocampo mentions that, young people with incomes greater than three minimum wages may have fewer benefitstherefore, he suggested that two improvements could be made to the article.

(Pensional, with 87% of the text approved in the first debate).

«The first is to increase the amount of the pension received from Colpensiones when they contribute more than 1,300 weeks«, He suggested.

While «the second is to strengthen the fifth pillar with tax benefits, such as the release of accumulated voluntary savings from wealth tax and treating the corresponding future income as pension equivalents for income tax«.