1. Colombia Colombia’s parallel system consists of the public system( Régimen de Prima Media, PAYG, administered by the public agency Colpensiones) and the private system( Régimen de Ahorro Individual con Solidaridad, 93 fully-funded managed by the AFP). The situation of the Colombian system is somewhat better than that of the Peruvian one, but it also endures serious problems. Many of such problems are similar(the two systems compete with each other and lack any coordina­tion), but others are different, for instance in Colombia, a higher fiscal cost of the public system and of the debt for its future obligations, while the private system has its own flaws(see Bosch, Melguizo and Pagés, 2013; Bosch et al., 2015; SURA, 2015; Lora, 2018; Villar and Forero, 2018; Lora and Mejía, 2020). In addition to the two general systems, there are separate regimes for congressmen, military, and teachers, with more generous benefits and substantial fiscal subsidies. The combined coverage by the two contributory systems is 35% of the EAP— better than that of Peru—but it is the fourth lowest coverage among the nine private systems; eight countries in the region have a higher coverage(includ­ing the Dominican Republic). The coverage of the older-adult population by contributory and non-contributory pensions is 54%. Likewise, it is the fourth lowest coverage among the nine private systems; nine countries in the region have a higher coverage(including Bolivia and Paraguay). The informal sector represents 35% of the labor force and, despite the mandatory legal coverage for self-employed workers, only 13% are covered. Female contributory cov­erage of the EAP is 34% and that of older adult women by contributory and non-contributory pensions is 50.6%. There are significant inequities: in the public system, 80% of fiscal subsidies are received by 20% of the highest-income population, and part of the affiliates 93 The term“ solidaridad”(solidarity) was added as it had been promised to subsidize pensions of workers that have contributed the 22 years required in the public system and do not receive a pension equal to the minimum wage; actually, only a reduced number of pensions have been granted said subsidy(Lora, 2018). 152