Petro reacted to Abelardo De La Espriella's announcement to increase the subsidy for grandparents to $400 thousand monthly: I am not opposed

President Gustavo Petro has conditioned the increase of Colombia's Bono Mayor, a monthly subsidy for elderly citizens, on the approval of the pension reform law, stating that the Constitutional Court must allow its implementation. In a message posted on his X account, Petro emphasized that achieving the promised 400,000 peso monthly boost for beneficiaries requires resolving legal hurdles surrounding the pension reform. He reiterated this stance following statements from Vice President-elect José Manuel Restrepo, who had warned of a potential shortfall of 3.2 billion pesos to fund the program through December, which could jeopardize payments to nearly three million recipients. Restrepo’s concerns emerged after technical meetings with the Office of the Comptroller General revealed financial challenges in sustaining the Bono Mayor. Despite these warnings, Petro expressed support for the proposed increase, though he stressed that it would depend on legislative action. The president-elect, Abelardo de la Espriella, has maintained his commitment to raising the subsidy to 400,000 pesos per month, acknowledging that the measure can only proceed once the financial gap is resolved and the program’s finances are restructured. In response to de la Espriella’s announcement, Petro stated publicly that he does not oppose the plan but argued that implementing it would require breaking several legal rules. He suggested that increasing national income by seven billion pesos annually through pension reform, a proposal currently stalled by the Constitutional Court, would be the most effective way to secure funding. According to Petro, aligning private pension funds with state budget allocations would free up resources needed to cover the increased subsidy, thereby lifting many elderly citizens out of poverty. The president further explained that such a reform would not only help reduce the burden on public finances but also ensure that private pension funds remain solvent. He described the move as a step toward establishing a rights-based welfare system in Colombia, one that honors the contributions of workers while addressing historical inequalities. Petro also highlighted the importance of involving multiple political and social sectors in the reform process, emphasizing that a win-win agreement would benefit the working class. He criticized the current government for failing to address long-standing issues related to pensions, noting that generations of laborers have been left without adequate retirement benefits. Petro accused powerful economic interests of exploiting workers, suggesting that taxes on speculative profits, large unused estates, and offshore capital should be used to fund the reform instead of imposing burdens on the poor or increasing debt. He also called for the revitalization of railway financing through land value assessments and the inclusion of private pension savings in the process. Petro’s remarks reflect broader tensions within Colombian politics, particularly around the feasibility of the new administration’s social agenda. While de la Espriella’s team has pledged to expand the Bono Mayor, the government’s ability to deliver on these promises hinges on resolving complex legal and fiscal challenges. The debate over how to finance the subsidy underscores deeper disagreements about the role of the state in social protection and the distribution of wealth. As discussions continue, the focus remains on whether the Constitutional Court will approve the pension reform, which is seen as crucial to unlocking additional funding for the Bono Mayor. Without such approval, alternatives such as tax increases or austerity measures may become necessary, potentially affecting millions of vulnerable citizens. The outcome of these negotiations will shape the trajectory of Colombia’s social policy in the coming years.