00:02Welcome to this episode of Voces Reimagined. Today we will talk about the pension reform.
00:08First of all, Colombia needs a pension reform, because our pension system is one of the most
00:14inequality in the world. Few people pensioners and most people who pensioners are high ingresos.
00:21The pension reform of Petro is in these two aspects. Aumenta the coverage and
00:26improves the benefits for people of menores ingresos, that if they are not able to achieve a pension,
00:31they will receive a more solidary support than the actual $80,000 per month.
00:36Now, what complicated is how we can advance in these equities of equity in a way that
00:41is really financially financially, not only today, but also in the future. Because reform
00:46the pension system has very complex implications on other markets, in particular the of ahorro
00:52and, therefore, the macroeconomy. And those are two considerations that, as a country,
00:56we can't leave. And while the current proposal of the government has been moderated with what
01:01was proposed in the campaign, yet there are some voices that consider that some aspects of
01:05the reform could end damaging the country. That's why today we are talking with David Forero,
01:10an expert researcher in pensiones, for us to explain a little bit more about it.
01:15Well, the reform of the pensioner of Petrolio has more positive than negative aspects. It has a
01:21pilar solidary, a subsidio that is well designed, it has a pilar semi-contributivo that recoge
01:27various cotizations that allow us to interact with the cotizations and with the subsidio,
01:33and, let's say, it has, in general, an increase in the coberture and some
01:38mechanisms positive. But it has a problem very grave in the design of the component of the
01:44media, the public component of the regime contributivo. In the formula of benefits,
01:50it does offer subsidies to all the workers, regardless of their level of income,
01:56it will offer subsidies, and this implies that the state will end losing with every pensioner that
02:01comes with every pensioner. So, the system, if you don't think about a formula in which
02:08take to the rich to be able to finance the subsidies to the poor, it is a system that is
02:15inviable fiscal. A this is added a transition demográfica in which cada
02:20vez there will be less pensioners and more pensioners, i.e. less income and more costs.
02:25So, in the long term, this ends up being a reform that increases the
02:30cobertura, but it has grave problems if it is not the size of the public regime,
02:37which 3 salarios is very high and the optimal is 1.5, as the formula of the
02:42benefits, so that it can offer less subsidies to the people who have more income.
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