Contributed By Baker McKenzie S.A.S.
Due to the increase in life expectancy in Colombia, the Colombian government has created an expert commission (Comisión de Reforma de Protección a la Vejez) with the purpose of hearing out different groups of interests within the Colombian population. The objective is the implementation of a new pension bill seeking to improve the coverage and equity in the Colombian pension system.
As part of the bill's incentives to help families and individuals to prepare financially, the government is currently evaluating the possibility of subsidising pensions saving schemes.
This situation has also led the Colombian government to consider increasing the legal age (which is currently 57 years for women and 62 for men).
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