Pension reform
President Gustavo Petro defended his pension reform in response to Skandia CEO Santiago García, who warned about minimum wage hikes above inflation. Petro stressed that long-term sustainability relies on national wealth and productivity, not real wages. He highlighted that pensions must adjust to the vital basket.
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The Superintendency of Pensions has opened a public consultation for a new regulation allowing Pension Fund Administrators (AFPs) to subcontract most of their functions, except investment management. This step aims to boost competition in the pension sector and ease entry for new players. AFPs will retain full responsibility for outsourced services.