Pension reform: this is how the contributions of people earning 2.3 minimum wages will be managed; the Central Bank will be key

The Colombian Constitutional Court has directed the national Congress to address and correct nine specific sections of the 2024 pension reform, officially known as Law 2381. This legislation, championed by the administration of President Gustavo Petro, established a new Integral Social Protection System for individuals, including specific administrative protocols for those earning up to 2.3 times the minimum wage. The Bank of the Republic is designated to play a central role in the management of these pension contributions.

The court's mandate requires legislative action to resolve procedural or constitutional deficiencies identified within the reform. These adjustments are necessary to ensure the legal viability of the system, which aims to restructure how pension funds are handled and distributed across the country.