Colombian Senate approves President Petro's pension reform, shifting 70% of worker contributions to government control.

Colombian Senate approves President Gustavo Petro's pension reform, making the government manager of 70% of worker contributions with private pension funds receiving the rest. The reform includes a central bank-managed savings fund for future pension compensation, expected to accumulate $320bn by 2052. This victory comes amidst Petro's unpopularity, with a recent poll revealing 60% disapproval.

April 24, 2024
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