The head of the Ministry of Economy and Finance (MEF), Alex Contreras, announced that next week a lawsuit will be filed with the Constitutional Court (TC) against the Recognition Bond Law, which was approved by the Congress of the Republic at the insistence .
The norm was promulgated in April of this year and provides that workers who transferred from the ONP to the AFP from 2002 onwards, have access to an amount of compensatory money. To do this, they must have contributed at least four years to the national system. Some 115,189 affiliates would meet these requirements, according to the MEF.
The Superintendency of Banking and Insurance (SBS) is in charge of establishing the procedures and necessary guidance in favor of affiliates.
In this way, in April 2024, the transfers should begin. It is estimated that the first group to receive this money will be made up of 50,000 people who are about to retire, while about S/6,500 million could be disbursed a year, according to the ONP.
latent risk
For the MEF, granting the Recognition Bond not only represents a high fiscal cost, but the measure would be giving its “death certificate” to the national pension system, since it motivates more workers to go to the AFPs. In this line, the Central Reserve Bank of Peru (BCRP) affirmed that the ONP is being put at risk, even more so when it is expected to lay the foundations of the pension reform.
Specialists also pointed out that it is fair that users receive a refund of their contributions; however, it will cause transfers from the ONP to the AFP. “The aim is to make the private system more attractive,” said the ESAN professor Jorge Guillen at the time.
Is the transfer convenient?
By 2022, 30% of affiliates are between 30 and 39 years old, and have a 20-year horizon to continue contributing. In this context, the economist Noelia Bernal believes that the transfer from ONP to AFP is convenient for those who earn more than S/2,500 and they contribute regularly, since this will allow them to have a pension higher than the ceiling in the national system.
The word
Alex Contreras, Minister of Economy and Finance
“This has already been approved by the Council of Ministers, I calculate that next week we should be sending it. There is a serious risk that unconstitutional laws affect the fiscal box”.
Source: Larepublica
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