Strengthening Colombia's Pensions System

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This technical cooperation will support the efforts to strenghten the managment of social security in Colombia, by improving diagnoses and designing improvement strategies. Specifically, it aims at: (i) support to modernize information on labor histories; (ii) support to strengthen supervision and enforcement of social security contributions. This will be achieved by, first, supporting agencies in the identification of institutional adjustments that improve responsibility assignment and standarize the production and exchange of data. Second, the TC will support agencies in building diagnoses about the quality and opportunity of data and roadmaps to digitalize and adjust information flows. Also, it will support agencies in the identification of the costs and advantages of adopting new technologies like blockchain. This is a promising technology that can improve social security management, since it increases safety, facilitates decentralization and can incorporate smart contracts that guarantee the adequate compliance of existing regulations. Also, it allows users to track their contributions in the long run, providing them with a legitimate compilation of their contribution histories by the time they retire.