'It Is a Lifesaver': Asofondos and Experts React to the Pension Reform Ruling in Colombia

Labor and Employment attorney Camilo Cuervo Díaz was interviewed by Portafolio about the Colombian Constitutional Court's ruling on the country's pension reform. The court declared enforceable the majority of the more than 90 articles included in the legislation and identified 10 sections that should return to the legislature to correct procedural errors. Camilo told Portafolio that this middle ground represents a "lifesaver" for the reform by adjusting controversial elements without eliminating the new structure entirely. He added the decision protects the pillar system, keeps concentrated state support for vulnerable populations and conserves the participation of private funds for administering savings that exceed the statutory cap by Colpensiones.

"The court took the middle road, and I think it acted well," he concluded. "In general, it maintains the structure of the pension reform and sends back some articles to the House of Representatives to make decisions about those."

READ: 'It Is a Lifesaver': Asofondos and Experts React to the Pension Reform Ruling in Colombia