If pension reformThose who earn more than 3 minimum wages will have a reduction in their allowances, and those who earn 4 minimum wages or more will have to contribute more to the Pensioner Solidarity Fund.
(Also: Defending the Minhacienda to the threshold of 3 minimum wages in Colpensiones).
At congress this Tuesday, Finance Minister Ricardo Bonilla reminded that all workers will have to contribute to Colpensiones; If we take into account the substitution rate, there will be a minimum wage allowance of 1.8.
Given the uncertainty about the income many workers will earn after retirement, experts from the National University of Colombia (UNAL) have outlined the implications if the bill is passed.
In the case of an income earner Minimum wage between 8 and 9, i.e. about 9,280,000 pesosIf you are a member of Colpensiones and 2023 is your last year of contribution, He would receive an allowance of 5,660,800 pesos.
To secure this allowance, the State would need to accumulate a reserve of 1,380,717,663 pesos paid over the life of the contributor, then it would have a subsidy of 78.84 percent.
(You may be interested: In a speech by Gustavo Petro: ‘This Government’s social reforms are not a whim’).
For these same incomes, how about with the allowance reform?
With the proposed pension reform, the worker would receive 3,738,017 pesos instead of receiving 5,660,800 pesos as allowance.
“This means that with the reform, in this particular case, the State will save close to 600 million pesos. “If the worker earns 8 minimum wages, only 3 can be used towards Colpensiones and the rest in a private fund,” said Professor Óscar López from ÜNAL’s Department of Mathematics.
The calculation of this allowance is due to the following account:
The worker would receive 2,209,800 pesos from Colpensiones and 1,528,217 pesos from the private fund, for a total of 3,738,017 pesos.
If private funds provide returns similar to those they get today, the worker in this example would have a substitution rate of 61 percent without reform, but would increase to 40.3 percent with reform.
(Also: These are the Gustavo Petro government’s red lines on pension reform).
Last week, pension reform began its process in Congress, although the text was presented on March 22, so far only the first public hearings have convened to discuss the issue.
According to the government’s position, the threshold for the mandatory transfer of the contribution column to Compensation is three salaries. minimum, although private pension funds have suggested that there should be no more than one minimum salary, there are academic sectors that push this figure up to two salaries.
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