In the Headlines
May 27, 2024
This is How Petro's Pension Reform Pillar Scheme Reaches Its Final Debate
La República
Labor and employment attorney Camilo Cuervo was cited in an article published by La República about the pension reform proposed by Colombian President Gustavo Petro, which is in its final debate before being approved by Congress. The project seeks to restructure the pension system under a three-pillar model: solidarity, semi-contributory and contributory. Mr. Cuervo expressed his concern about the changes in the governance of the savings fund within the contributory pillar, which would shift from the Central Bank (Banco de la República) to a commission of experts appointed by the president, potentially granting excessive power to the current leader.
"Whether it's President Petro or future leaders, they will have practically unlimited power. The people who are going to manage that fund, despite being affiliated with the Central Bank, will be individuals completely controlled and appointed by the President," he said.
READ: This is How Petro's Pension Reform Pillar Scheme Reaches Its Final Debate
"Whether it's President Petro or future leaders, they will have practically unlimited power. The people who are going to manage that fund, despite being affiliated with the Central Bank, will be individuals completely controlled and appointed by the President," he said.
READ: This is How Petro's Pension Reform Pillar Scheme Reaches Its Final Debate