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Reuters
Reuters
Business
Nelson Bocanegra

Colombia presidential candidates agree need for pension reform

FILE PHOTO: Colombian presidential candidate Gustavo Petro arrives at a meeting of members of the Historical Pact coalition to define the vice-presidential formula, in Bogota, Colombia, March 22, 2022. REUTERS/Luisa Gonzalez/File Photo

Candidates most likely to win Colombia's presidential elections on Friday agreed for the need to reform the country's unbalanced pension system so that it provides greater coverage for millions of poor people and redirects subsidies.

Ideas for financing the reform ranged from a bulky tax reform to more radical plans such as using savings from private funds to pay the pensions of older adults who have not managed to save enough for their retirement, among others.

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