In the Headlines
June 19, 2024
'No One Gives a Peso for Colpensiones': Experts Warn That It Is Not Prepared for the New Pension System
El Colombiano
Labor, Employment and Benefits attorney Camilo Cuervo was interviewed by El Colombiano about Colpensiones' capacity to assume the administration of the new pension system proposed in the reform in Colombia. Mr. Cuervo expressed his concern about the entity's lack preparation to manage more than 20 million people, including affiliates, pensioners and beneficiaries of subsidies. He also highlighted the government's rush to approve the reform and start delivering subsidies next year has implications for the election, which explains the block approval and the lack of detailed debate in Congress.
"The lack of technical, administrative and financial capacity of Colpensiones puts the viability of the system at risk. Nothing would suggest that an entity that took 10 years to regularize the pension situation of former Social Security affiliates can now, in just one year, assume the administration of 20 million people," he said.
READ: 'No One Gives a Peso for Colpensiones': Experts Warn That It Is Not Prepared for the New Pension System
"The lack of technical, administrative and financial capacity of Colpensiones puts the viability of the system at risk. Nothing would suggest that an entity that took 10 years to regularize the pension situation of former Social Security affiliates can now, in just one year, assume the administration of 20 million people," he said.
READ: 'No One Gives a Peso for Colpensiones': Experts Warn That It Is Not Prepared for the New Pension System