The Cambio Radical Party asserted that Petro’s “desperation” over pension reform was not for the benefit of the elderly, saying it “will put pressure on the courts to appropriate the funds”.

In response to Asofondos’ report, Cambio Radical warned about the intentions of the executive branch and pointed to “pressure” on the Constitutional Court – Credit Infobae montage (Colprensa y Cambio Radical)

Colombia’s private pension funds reported total savings of $525 billion at the end of September, according to Asofondos President Andres Velasco.

Velasco emphasized that this figure represents a growth of $53 billion by 2025. “Workers’ savings continue to grow,” the company manager said in a statement.

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The Asofondos report was released amid a national debate about possible changes to the pension system, which is the centerpiece of President Gustavo Petro’s reform plan.

In this regard, several industries have expressed concerns about the government’s initiative and its impact on savers’ assets.

Following the above, Senator Carlos Fernando Motoa said on the X account: “That’s why Petro is so desperate.”

The MP asserted that the government’s intentions behind pension reform were: “Controlling billions of dollars of resources in systems that have the potential to fail in the medium to long term.”

For Motoa, the real motive is not the protection of the elderly, but access to funds controlled by the private sector.

Motoa, a bench member of Cambio Radical, argued: “We are going to use the savings of the younger generation to improvise and subject them to absolute humiliation in their old age.”

Meanwhile, the Cambio Radical Party supported Motoa’s claims and published the following in X magazine: “Mr Petro is not trying to push through pension reform for the sake of the elderly. It’s about managing $525 billion in workers’ savings. ”.