facebook
linkedin
twitter
About Us
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • Responsibility
  • Economy
  • Law & Justice
  • Interview
  • Analysis
Gustavo Petro (photo:gustavopetro.com.co)

Colombian Presidential Candidate Gustavo Petro Promises To Nationalize Pensions, Bypass Congress & Rule By Decree If Elected

Posted On March 14, 2022
By : Loren Moss
Comment: 0
Tag: 401k, Agriculture, bogot, bogotá, clap, colombia, food supply, garabage collection sanitation, Gustavo Petro, high commissioner, m-19, Nicolas Maduro, pension, pensions, ricardo bonilla, social subsidy, supply chain, united nations, venezuela

Sunday, Colombia held congressional elections, and presidential primaries. Former M-19 guerilla and mayor of Bogotá Gustavo Petro gained more primary votes than any other presidential candidate and will head to the first round of the presidential elections taking place May 29.

The 61-year-old, should he gain more than 50% of the vote in either the first or second round of the presidential elections would be Colombia’s first leftist candidate in modern history. In an interview with Colombian network Blu Radio, he promised that the first thing he would do is to declare an emergency and rule by decree, bypassing congress.

Listen here (Spanish) to the actual interview

Taking control of the food supply

Petro says that the move would allow him to take control of the agricultural and food supply chain, something that neighboring Venezuela has done, leading to a humanitarian crisis.

“We must decree the economic emergency that empowers the State to buy crops from peasants, small and medium-sized agricultural food producers, protect food production in Colombia, establish a more medium-term policy of subsidy for agricultural inputs and bring that food, as in the past went to (social subsidy program) Idema, to the popular neighborhoods, where the hunger is,” said Petro.

A similar program operates under leftist dictator Nicolás Maduro in neighboring Venezuela.

A similar program operates under leftist dictator Nicolás Maduro in neighboring Venezuela. The CLAP program (Comité Local de Abastecimiento y Producción), an acronym for “Local Committees for Supply and Production. The United Nations Office of The High Commissioner issued a report saying that the structure and execution of the Venezuelan food program is a fundamental violation of the human rights of Venezuelans (download the report here).

Venezuelans must wait in long lines just to enter largely empty grocery stores, to purchase food beyond the government administered CLAP, which requires a certain level of compliance with local committees staffed by Maduro’s partisans. The lack of food has led to a refugee crisis, with Colombia now housing approximately two million Venezuelans.

While mayor of Bogotá, Petro tried to take government control of the municipal garbage collection network with disastrous results. Piles of trash piled up uncollected in Colombia’s capital of nine million, leading to a sanitary crisis, and Petro’s temporary removal from office by the national government.

Nationalizing new pension contributions

Currently, Colombia requires pension contributions by employees and independent professionals. Colombians may choose from either a state option, or a menu of privately run pension plans, somewhat similar to a 401(k) plan in the US, albeit with fewer choices. Petro campaign advisor Ricardo Bonilla says Petro promises to upend that.

According to Bonilla, people earning between minimum wage and four million Colombian pesos (slightly more than $1,000 USD per month), will no longer have a choice of plans, but must contribute to the government plan. Money already in private plans may stay there, says Bonilla. For those earning more than $4 million pesos, the pension contributions on the first 4 million must go to the government, and only the contribution on the surplus amount may be contributed to alternate plans, making the private option only available to higher income earners.

DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!

Share the news!

  • Facebook
  • Twitter
  • Print
  • WhatsApp
  • LinkedIn
  • Skype

Related

Share your thoughts:

comments

About the Author
Loren Moss is the founder and publisher of Finance Colombia. He has over 20 years of international business experience, including over a decade of experience in securities, insurance, and commercial real estate, at the institutional and international level.
  • google-share
Previous Story

During Visit By President Duque To White House, US Upgrades Colombia To “Major Non-NATO Ally” Status

Next Story

Chaos In Colombia’s Congressional Elections & Presidential Primaries: Incompetence or Fraud?

Related Posts

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass
0

Colombian Leonor Espinosa Named “World’s Best Female Chef”

Posted On May 18, 2022
, By Loren Moss
Grand Bahamas photo © Loren Moss
0

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
, By Loren Moss
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.
0

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022
, By Loren Moss




Search

RECENT

POPULAR

COMMENTS

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass

Colombian Leonor Espinosa Named "World's Best Female Chef"

Posted On May 18, 2022
Grand Bahamas photo © Loren Moss

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022
Colombia’s attorney general charged Russian national Sergein Vagin and six other people

Alleged Russian Spy Charged…With Running A Gambling Mafia

Posted On April 12, 2022

Viva Launches Nonstop Routes To Buenos Aires, Argentina From Medellín & Bogotá, Colombia

Posted On April 12, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Court Blocks Colombia’s $370 Million USD Emergency Loan To Bankrupt Avianca Airlines

Posted On September 12, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

AVIANCA IS BANKRUPT

Posted On May 10, 2020

[…] damn what she said. She and...

Posted On April 4, 2022

[…] by short sellers seeking to...

Posted On March 22, 2022

[…] no longer travel freely...

Posted On March 8, 2022

[…] Duque’s administration will...

Posted On March 8, 2022

[…] See also: 13 Police Injured In...

Posted On March 3, 2022

Watch This!

Consider Advertising With Us

Click here to visit Expat Group's English site

Subscribe Free

don't forget to include "http://"
* = required field
Your Background / Function








unsubscribe from list

RECENT

POPULAR

COMMENTS

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass

Colombian Leonor Espinosa Named "World's Best Female Chef"

Posted On May 18, 2022
Grand Bahamas photo © Loren Moss

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

[…] damn what she said. She and...

Posted On April 4, 2022

[…] by short sellers seeking to...

Posted On March 22, 2022

[…] no longer travel freely...

Posted On March 8, 2022

Watch This!

Contact Us (Click the image):

Pages

  • About Us
  • Colombia Events, Conferences, Festivals and Important Dates
  • Contact Us
  • main
  • Media Partnerships
  • Privacy Policy
  • Search Results
  • Whatsapp test page
Copyright 2014-2020 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
Posting....
WhatsApp us