De la Espriella pledges major increase to senior subsidies despite claims of Colombia’s financial ‘disaster’
President-elect Abelardo de la Espriella promised to substantially increase subsidies for older Colombians living without a pension. Though he lamented the “absolutely unfinanced” state of the Colombia Mayor senior subsidy program he will inherit, de la Espriella said he would meet its existing obligations and eventually raise its periodic payments to 400,000 pesos, or about […] The post De la…
President-elect Abelardo de la Espriella has pledged to significantly boost subsidies for senior Colombians without a pension, despite acknowledging the program's "absolutely unfinanced" state. The incoming right-wing president plans to meet existing obligations and eventually raise payments to 400,000 pesos ($125 USD) from the current maximum of 230,000 pesos ($72 USD).
De la Espriella, who takes office on August 7, emphasized that those who worked their entire lives deserve a dignified old age. The announcement came amid criticism of his predecessor, outgoing President Gustavo Petro, who called for various laws to be broken to implement the increased payments due to the lack of pension reform in 2024.
The program serves about three million Colombians, with payment amounts determined by age and gender. De la Espriella did not disclose when the new payments would take effect, only stating that it would occur "once we overcome this disaster, this financial mess." He also highlighted that the government spent funds meant for the elderly during the first half of the year, while the funding for the program was exhausted by July, leaving a need for 3.2 billion pesos between August and December.
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