The pension reform has covered several changes that it seeks to make if approved as it was filed in the Congress of the Republic, and one of the points is coverage.

Pension coverage is one of the aspects that stands out the most Mauricio Olivera, Vice Chancellor of the Universidad de los Andes and former president of Colpenesionesensuring that this project does seek to expand coverage.

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«The problem of coverage arises in the labor market. At times, one in four older adults has a pension, that is, only 25% of older adults have a pension. One in three workers contributes, so it is worth reviewing the labor market with the pension reform«.

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He also made mention of the family pensionA couple who, each one separately, can’t get the weeks, but in a spell if they manage to get a pension. This is very important«, Highlight.

The reform specifies that this pension recognizes the «contribution efforts or contributions of each of the spouses or given one of the permanent spouses, the result of which is compliance with the requirements established to obtain the comprehensive old-age pension of the Contributive Pillar defined in this law«.

One of the requirements to access this pension is to have a marital union or permanent cohabitation of more than five years.

Similarly, he spoke of the early pensionwhich allows a person to start earning income from their pension savings if they have reached the required age, but between 1.00 and 1,300 weeks of contributions.

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For this section, the bill document explains that «Affiliates who are not in the transition regime and who reach 65 years of age after the entry into force of this law and who, after making use of the actuarial system of equivalences established in this law, who do not meet the minimum weeks for the old-age pension of the Contributive Pillar and who have contributed for more than 1,000 weeks, will be able to enjoy the early old-age pension«.

One of the problems that the expert mentioned regarding the current pension system It is the clear barrier that exists between individual savings funds and medium premium funds, adding that in other countries both mechanisms complement each other, as proposed in the bill document.

«Now the mechanisms would complement each other, they would require highly coordinated work between Colpensiones and private funds. A part of the attention would be paid by Colpensiones and the other part would be paid by private funds and this coordination between these two groups to quickly liquidate a pension, all this institutional and process design, is key to having a better pension system and, in that In this sense, I think that the administrative demands are very great”.

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