Reported 7 months ago
Colombia's lower house has passed President Gustavo Petro's pension reform bill, a significant step in his efforts to overhaul the nation's economic model. The bill increases the state's involvement in pension provision, creating a program to expand subsidies for elderly Colombians in poverty and eliminating competition between public and private systems. Despite criticism and potential legal challenges, Petro hailed the bill as a major achievement for Colombian workers. Analysts believe the long-term impact on public finances will not have a negative market reaction.
Source: YAHOO