BOGOTA: Colombia’s lower house approved on Saturday, for the second time, a pension reform supported by leftist President Gustavo Petro, after the constitutional court ordered a repetition of the ballot because of procedural irregularities.
The court’s June decision did not rule on the bill’s constitutionality but required the lower house to vote again on the version approved by the Senate, saying there was not enough debate held ahead of the first vote in June 2024.
The bill was backed by 97 lawmakers on Saturday, while one voted against it. The measure was supposed to come into force in July but will not be valid until the court approves it, the court ruling said.
The bill is meant to strengthen state pension fund Colpensiones by requiring those who earn less than $800 per month to save with the fund. It ensures payments for those without sufficient retirement savings, or with no savings at all.
The legislation, which reduces the number of weeks women who have children must accumulate in order to be eligible for pensions, will not affect people who have already notched enough weeks to be within striking distance of retirement.
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It does not change Colombia’s pension age, which is 62 for men and 57 for women. The government estimates that some 2.6 million older adults will benefit from the payments to those with no or insufficient pension savings.
Petro’s ambitious economic and social reforms have faced uphill battles in Congress, though lawmakers in June backed a labor reform similar to an original proposal backed by Petro’s government which was initially rejected.
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