Early Thursday morning that ended with a Pension reform and a declaration of emergencyleft a sentence that echoed throughout the hectic session of the legislature: Cordoba’s pension fund deficit will not disappear by law. It can shrink, that’s true; can also be ordered. However, it became clear that healing will not happen overnight.
The expression belongs to Matias ChamorroLegislature of Socialist Party and member of the Provincial Governing Party (We do it for Córdoba) interviewed on Punto a Punto Radio (90.7): “We will try to reduce this deficit, but it will not be enough to eliminate it permanently.” And he concluded with another equally clear definition: “Yes, it is to some extent a financial restructuring of the Fund’s resources, which makes it possible to attack and reduce them, but (the deficit) will continue to be something important.”
The warning follows on from what was already circulating in the US debate Budget 2026: The ruling party defended the pension package in a scenario of “critical situation” and with one Projected deficit “over $800 billion” for next year.
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Chamorro did not come to this vote as an outside commentator. From his position as provincial legislator, he was the promoter of his own project, which was ultimately “compatible” with the popular initiative of a group of Córdoba pensioners. The version that became law makes a popular initiative compatible with other projects “who strive for the sustainability of the provincial pension system” and had as their axis the reimbursement of 82 percent for more than 60,000 pensioners.
For Chamorro, “the pensioners put forward a series of points and made some demands. And in the project that I presented at the time, we had the problem of the emergency, but above all a neuralgic point: the initiative to restore 82 percent mobile communications.” “Undoubtedly there is one here a priori and in the first place Irresponsibility and unlawful non-compliance on the part of the nation”the lawmaker added, emphasizing the “legal commitments previously made by the national government” to the pension fund in the province of Córdoba.
When voting on the new law, the ruling party introduced a concrete political signal: the adopted text instructs senators and national deputies for Córdoba to promote budget forecasts secure the necessary resources for compliance with the regulations stated in the regulations. Chamorro also linked the future of red to this front: “It will also depend on the economic context and the co-participation resources that come from the nation.”
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What is the scope of the reforms?
In the version that has come into force, the law sets a broad framework: it declares a pension emergency for five years with an automatic one-time extension; suspends the application of Solidarity Fund for Imbalances as long as the emergency lasts; and authorizes the executive branch to adjust personal contribution rates by “up to 8 percent” from existing ones. A “free monthly surcharge” will also be created that will compensate for deductions “up to the limit of 82%,” with the scales to be determined by regulation.
In this sense, Chamorro translated this freedom into concrete decisions and a progressive criterion. First, approximately 82%: “This has been achieved. For me It’s the most important part of the entire discussion.”he said, starting with the lowest salaries: “It will reach those who earn less than 1,500,000 pesos.” All pensioners will be granted what they need to stay “in their pockets” through a non-paid supplement, up to the 82% that they did not receive today.
He then explained the “redistributive core” of the norm, which he believes allows the system to be financed. without touching those underneath: “The governor has the authority to increase pension contributions, starting with those who have the most.” And he stressed: “If we continue with the example of those who receive 1,500,000, in this case they will not be affected,” because “we are giving them back 82.”
To this he added a point that is sensitive for thousands of cases: the double benefit discount. “There was a recent article, that of the solidarity contribution, which allowed a discount of up to 20%,” he recalled. And he described the change: “A limit has been set: no one who receives up to 3 million between the two benefits will be deducted”; above this floor, detailed a Scale “up to 20%”. In his opinion “More than 11,000 people will no longer receive this discount”.
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The socialist legislator also left an important definition for the coming discussion: he ruled out that the reform was about the adoption of a plan Bonuses pay high salaries. “There is no bonus”he explained. “What has been approved does not establish a limit or payment in the form of bonuses.”.
Emergency
When he talked about what prompted him to present this “Emergency” the Caja Chamorro linked it to a question of “Limits”. “That’s why the emergency has an important deadline”He explained: “When it comes to gradually cleaning up the situation, different forecasts are required.” When asked whether the projected deficit had been eliminated, he replied: “NO”that “attempts are being made to reduce this deficit,” but that “It won’t be enough to clean it up once and for all”.
In the official letter, the legislator also stated that the in addition to 82% will apply “according to the standards and classifications established by the regulation”. That means: the concrete effect – how much and to whom, in what section and with what schedule – is defined in the next daysoutside the premises, with the Regulation.
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