It took 20 years for a new Recognition Bond to be approved in favor of contributors and former contributors of the Pension Standardization Office (ONP). On April 27, this initiative —admitted by insistence in the Congress—, became effective when it was published in the Official Gazette El Peruano; however, to date the regulations of said regulations are unknown. In the midst of this scenario, the Government of Dina Boluarte has in mind filing a lawsuit against this law before the Constitutional Court (TC) due to the high budget that it would demand. In this note we tell you the details of who will be the first beneficiaries and how much is the amount they will receive on average.
New ONP Recognition Bonus: who will be the first beneficiaries?
The first group to receive this transfer is made up of those who are about to retire —in estimates, they are close to 50,000—. Meanwhile, affiliates will be able to view the Recognition Bonus on your account statements; however, they can only withdraw it at the end of their retirement.
For his part, the head of the Ministry of Economy and Finance (MEF), Alex Contreras, regretted that only in the first year more than S/5,000 million would be allocated in a context in which there are very large social gaps. Since the publication of the law, the Executive has up to 12 months (April 2024) to grant the new Recognition Bonus to the beneficiaries.
New Recognition Bonus: how much will be received on average?
In a previous interview for La República, the head of the ONP, Victorhugo Montoya, pointed out that many ex-affiliates believe that by moving from the National Pension System to the private one they will receive as Recognition Bonus a very high figure, but the reality will be different.
According to MEF estimates, policyholders who request this benefit will receive an average of S/3,600. For the purposes of this law, fiscal spending will be S/40,000 million.
“People think that they will receive a very high bonus, but it is a contribution made a long time ago. In the National System they contributed a little and it does not even reach S/4,000 (…) The amount of the Recognition Bonus would be S /3,600, which would be foreseen for people who reach 65 years of age,” he told this newsroom.
A different amount for those who later migrate to the AFP
It is important to specify that the average amount of S/3,600 will be allocated to those who at the time (since 2002) moved from the ONP to the AFP, while those who are just planning to migrate would receive a different amount. The ONP calculates that around 4.6 million affiliates would transfer to the AFPs after the new regulations, which would jeopardize the monthly payment schemes of more than half a million retirees belonging to the national system.
What will happen to my pension if I transfer from the ONP to the AFP?
Once the affiliate has transferred from the National Pension System (SNP), he starts his new account in the Private Pension System (SPP). If you are over 50 years old and decide to transfer to an AFP, your retirement pension could be jeopardized because in the SPP you will start from scratch to build your pension.
Source: Larepublica
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