Colombian President Juan Manuel Santos on Thursday announced the creation of a three-party commission composed of government employees, businesspeople and workers to analyze ways to push forward pension reform.
The head of state said, “This matter needs to be resolved, there are a number of people who do not have the slightest possibility of one day… having an income after giving up work.” Santos added that to “the vast majority of Colombians, this is unfair, regressive and has to be out right, so there must be reform.”
President Santos added that the reform would not have immediate effect but decisions would be made about the sustainability of the pension system.
“We must act with a lot of responsibility and a lot of pragmatism. I agree with pension reform. In Colombia there are 1,100,000 pensioners who receive $13.1 billion, within these pensions we are paying we are subsidizing many people who we should not.”
The president finished by saying the practice of those in the justice sector setting their own pensions has to be put to a end.