Colombian Senate Approves President Petro's Pension Reform

On Tuesday, the Colombian Senate approved in a second debate the pension reform promoted by President Gustavo Petro.

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The decision was made with 49 votes in favor and four against. Now the project will move to the House of Representatives before becoming law.

"Yes, it was possible, it was possible, it was possible," shouted the Historic Pact bench after the approval of the pension reform.

Upon knowing about the result of the vote, the Colombian president extended congratulations to the senators who gave the green light to the initiative.

He mentioned that the main objective of the project is to increase social protection coverage in Colombia so that many more elderly people obtain a pension.

The pension reform will allow the elderly of the country to have a dignified old age, said the Colombian Presidency.

The text reads, "Change advances. The Senate has just approved the pension reform. A victory for Colombia that ensures a fairer and more progressive pension regime. Congratulations!

Petro’s reform maintains the retirement age at 57 for women and 62 for men. It also expands the protection system so that all Colombians can benefit even without having contributed the sufficient number of salaries.

Besides proposing a subsidy for people in extreme poverty, the bill establishes a lifelong income for citizens who have not contributed the full amount established by law. More specifically, this lifelong income will be granted by the State to citizens who have contributed between 300 and 1000 weeks.

By June 20th, the pension reform project must pass through two debates in the House of Representatives to become law.

Labor Minister Gloria Ramirez announced that this Wednesday they will submit the initiative to the House of Representatives to begin its debate and obtain its approval before the deadline.