The pension reform has been approved by the Congress of the Republic, and it will come into effect on July 1, 2025.

The new Comprehensive Protection System for Old Age replaces the competitive system between regimes under Law 100 of 1993 and introduces a system with four pillars: Solidarity, Semi-Contributive, Contributive, and Voluntary.

The two regimes under Law 100 of 1993 will be integrated into the Contributive Pillar of the new system, and all affiliates must contribute to Colpensiones up to a certain income limit (2.3 times the current legal minimum wage). Beyond this point, they can contribute to the private fund of their choice.

The new system introduces a gender focus benefiting women, reducing the required contribution weeks to obtain a pension from 1,300 to 1,000 and providing additional benefits for each child, up to a maximum of three.

IMPORTANT NEWS

The reform applies to women who have contributed less than 750 weeks and men who have contributed less than 900 weeks by the time the reform takes effect. According to the approved text, the reform will start on July 1, 2025.

Women who have contributed 750 weeks or more and men with 900 weeks or more at the time the reform takes effect will remain under the regime of Law 100 of 1993.

The Congress has approved the reform, but the final text still needs to be published once it is signed by the President of the Republic.