C. RE-REFORMS PROPOSALS IN COLOMBIA AND PERU The two parallel models combine a private system(RAIS in Colombia and SPP in Peru) and a public system(RPM and SNP respectively), which compete against each other, without any coordination. In both countries, the public sys­tem share in the total number of active insured has declined over time(more in Colombia than in Peru) and was a minority in 2020, which means that the PAYG system includes the majority of pensioners but the minority of contributors exerting strong sustainability pressure, more in Colombia than in Peru. Colombia has moderate-advanced aging, a mature public system, three sep­arate generous and expensive regimes receiving fiscal subsidies, the lowest retirement ages among private systems after El Salvador, the public system RR is 73%, and only 36% of the total insured contribute to the public system. Considering these high-cost indicators, there are a few that reduce spending: the older adult coverage is the fourth lowest coverage among the nine private systems and there are nine countries in the region with greater coverage, the minimum pension in such system is not granted when the insured has other income, and the non-contributory pension does not cover the nutritional requirements of the indigence line and has declined in recent years. The con­tribution is the highest among private systems except for Uruguay, which has the highest costs. There is a serious problem of inequity: in the public system, 80% of fiscal subsidies are received by 20% of the highest-income population and part of the affiliates(most of them low-income affiliates) subsidize the highest-income pensioners, while in the private system the insured who fail to meet the requirements to receive a pension subsidize pensioners receiving a minimum wage pension; the richest 1% receive as much in pensions as the poorest half of the population. The public pension spending regarding the GDP grew from 1.4% to 4.5% in 2000-2017 and the average annual growth of these pensions exceeded such GDP growth by 5.2 percentage points, thus ECLAC ranks Colombia as the fourth country with the greatest(“medium”) financial sustainability pressure among the seven private systems plus Argentina. The IADB estimates that the public system deficit was 3.8% of GDP in 2013(its 202