BOGOTA (Reuters) - Colombia will not overhaul its pension system this year as the government needs time to analyze its impact before submitting the bill to Congress, the minister of labor said on Tuesday.

The reform, widely expected by the market and ratings agencies, is a key part of the government’s plan to trim state social spending, which at about 39 billion pesos ($12.4 billion) a year is considered unsustainable.

“If we want to study it fully and make the reform as good as possible, and for it to be truly structural, this reform cannot happen this year,” Labor Minister Alicia Arango told a news conference.

The government of President Ivan Duque, in office since August, had previously warned the pension system must be urgently reformed as only a quarter of Colombians pay contributions toward their retirement.

Colombia plans to reduce its deficit to 1.5 percent of gross domestic product by 2022 from the 2.4 percent expected this year.