11th FIAP-Asofondos Congress and 16th FIAP International Conference, in Cartagena

The most important pension discussion in the country begins

Representatives of the pensions, economic, government and academic sectors will meet today and tomorrow.

Cartagena, April 12 2018.  The most important pension summit in the country has begun, bringing together the economic, governmental, and academic sectors in the discussion of pension matters, the labor market, and the economic environment. The event, organized by the President of the International Federation of Pension Fund Administrators (FIAP), Guillermo Arthur, provided an insight into the sector, highlighted the importance of savings for good pension results, and revealed some of the challenges facing the system for providing pensions in an environment of high labor informality, demographic changes and technological innovation.

“The speed of transformation has been such that we are facing an abyss of uncertainties. Hence, we must be alert and be able to adapt to those changes to achieve the benefits of progress today,” said Arthur, adding that saving is key for a tranquil future in old age.

The Chairman of the Board of Directors of Asofondos, Juan David Correa, in turn, called for not postponing solutions to the country’s pension problems, while highlighting the benefits and contributions of individual savings in Colombia, which has already accumulated $ 230 billion, owned by all enrolled workers.

“The Individual Solidarity Savings System has two undeniable qualities: The first one is that the money an individual saves throughout his working life, belongs to him. It is the product of his effort, dedication and sacrifice. The second and no less significant one, is that that money earns returns for the saver.”

The Manager of Banco de la República, Juan José Echavarría, presented an analysis of the country’s economic outlook, acknowledging that it has slowed down, together with domestic demand and consumption.  Nonetheless, he was optimistic that the prospects for economic growth in the country will be more favorable this year and next year.

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