President Gustavo Petro pushes for repatriating about 250 trillion pesos invested abroad by pension funds, criticizing the economic model since the 1990s. The proposal has reignited debates with figures like Enrique Peñalosa and raised technical warnings from experts like Mónica Higuera. Petro argues that workers' savings should create local jobs rather than benefiting foreign economies.
The debate over repatriating pension savings in Colombia has intensified following a draft decree from the Ministry of Hacienda. President Gustavo Petro replied in a December 30 tweet to opposition from former Bogotá mayor Enrique Peñalosa, stating: “many countries want workers' savings from abroad to come to their country to create jobs, but the foolish Colombian official prefers to create jobs abroad rather than in his territory”.
Petro endorsed withdrawing funds from Colfuturo, a private entity, and stressed that repatriated savings will remain in funds if workers choose, preventing their export as capital. He criticized the model introduced by Law 100 under César Gaviria, which he says deviated from the Social State of Law and fueled current inequality. He also faulted Juan Manuel Santos' decree for allowing overseas investments without workers' consent and at risk, an error Petro intends to repeal.
Mónica Higuera, former URF director, backs the president's equity vision but cautions against hasty changes. “There must be technical economic and legal simulations, actuarial ones. [...] Bringing $125 trillion in 6 months would be fatal,” she warned. Petro concluded that pension payouts should not rely on unstable market interest rates but on national productivity, advocating for a fairer system.
