Colombia lower house approves pension reform, again

Colombia lower house approves pension reform, again

Bogotá, Colombia - In a significant development for Colombia's social welfare system, the lower house of Congress approved the pension reform bill for the second time on Saturday. This approval comes following a ruling by the constitutional court that required a repeat vote due to procedural irregularities in the initial ballot held in June 2024.

The constitutional court's decision in June did not address the bill's constitutionality but mandated a second vote, citing insufficient debate prior to the first vote. The bill, which was backed by 97 lawmakers and opposed by one, is aimed at strengthening the state pension fund, Colpensiones, by requiring individuals earning less than $800 per month to contribute to the fund. This measure ensures payments for those with insufficient or no retirement savings [1].

The reform also reduces the number of weeks women who have children must accumulate to be eligible for pensions, without affecting those who are already close to retirement age. Colombia's pension age remains unchanged at 62 for men and 57 for women [1].

The government estimates that approximately 2.6 million older adults will benefit from the payments to those with no or insufficient pension savings. This approval marks a significant step forward for President Gustavo Petro's ambitious economic and social reforms, which have faced challenges in Congress [1].

The bill is expected to come into force once the constitutional court approves it. This approval process is crucial as the measure was initially set to take effect in July but remains invalid until the court's ruling is finalized.

References:
[1] https://www.investing.com/news/economy-news/colombia-lower-house-approves-pension-reform-again-4115839
[2] https://www.usnews.com/news/world/articles/2025-06-28/colombia-lower-house-approves-pension-reform-again