Greater contribution to pensions must be assumed by the employer

Peru is one of the countries with the lowest salary contribution rate in the region and far from the 18.4% OECD average. According to a study on pension systems in Latin America by the Friedrich Ebert Stiftung foundation (FES), Brazil registers a rate of 30%, Uruguay 25% and Argentina 20%.

While in these three countries, as well as in Colombia, Paraguay, Costa Rica and El Salvador, employers are the ones who assume most of this burden, in our country the worker continues to be the main person responsible for financing his pension.

In this sense, consulted specialists state that It would be ideal for the rate to be increased with the participation of employersbut it must be applied very gradually.

“In fact, in Chile it was accepted that there is a kind of additional contribution from the employer, which will increase over time. (In Peru) it does not have to be immediate, but it can be a percentage point. After a few years, two points, three points. It would align us with what is already happening in other countries,” said PUCP researcher and professor, Javier Olivera.

However, the specialist points out that from his perspective the system should first be reformed so that people can really access pensions. For example, he adds that the option to withdraw 95.5% of funds should be eliminated (GRID). “Why force a person to save more if in the end they reach 65 and take everything with them and don’t have a pension?” asks Olivera.

For her part, Noelia Bernal, professor of the Academic Department of Economics at the Universidad del Pacífico, says that there are two reasons why employers should start contributing: to quantify if there is an effect on informality — since it will be one of the main criticisms tailored—and diversify the risk of the sources that finance pensions, since in the AFP, When there is low profitability, all the risk is absorbed only by the worker.

“To have a social protection system, we have to diversify the source of financing and we have to redesign our benefits scheme,” says Bernal.

BCRP: rate must be raised

The president of the Central Reserve Bank (BCRP), Julio Velarde, is one of the few technical authorities who has expressed his opinion on this point, pointing out that the 10% contributed today is insufficient and must be increased over time if it is to be ensure a decent pension for workers.

“With the returns that one sees in today’s world, it will be difficult to have a relatively decent pension with 10% contributions. It will have to (raise) gradually to 12%, 15%, studies would have to be done, but with 10% it doesn’t work,” he stated.

Added to this is the position of the Ministry of Economy and Finance (MEF) reflected in the proposal to reform the pension system, which indicates that the increase in the rate and the employer’s participation must be evaluated.

Seventh AFP withdrawal would be approved this week

It is expected that this Wednesday the 29th, the Congressional Economic Commission present the proposal to approve a seventh withdrawal of the AFP. Within this group there are divided positions on the amount to be disbursed, whether it will be S/19,800 (4 UIT) or S/9,900 (2 UIT) only for the unemployed.

Although Professor Olivera disagrees with any type of withdrawal from pension funds, he points out that if the measure to provide support to members is going to be approved in any case, in a context of economic recession, it should be more limited. the amount, since S/4,950 (1 UIT) is too much money.

“If you are going to do it, then do it in a limited way.“But not playing with those who are unemployed, but simply with the amount, doing it for a very small amount,” he said.