The Congressional Economic Commission prepared an opinion that includes more than fifty bills and the initiative of the Executive Branch in order to reform the Peruvian pension system. Within the document of more than 400 pages, the application of a consumption pension stands out: nourishing the retirement fund with daily purchases.
How will it work? 1% of the sum of the value of the payment vouchers – issued electronically – will be allocated after the acquisition of a good or service within a certain fiscal year. According to the text, the limit will be 12 UIT per year (S/61,800). In simple terms, pensions will be financed at the expense of lower VAT collection.
Who will access consumption pensions?
It will work for everyone, regardless of whether the contributor works or not. For example, for the unemployed, an individual account will be created in the Private Pension System (the AFP). The only requirement to increase your fund will be that the tickets contain your ID.
In the case of members of the private pension regime, their pension contributions will be accumulated by consumption in their Individual Capitalization Accounts (CIC). On the other hand, those linked to the National Pension System—ONP, the vast majority—will have to open a private CIC to store their contributions.
“In all cases, the individual pension account for consumption constitutes a State resource, intangible and non-seizable. It cannot be used for any purpose other than social security and will be the account that the member maintains in the SPP until his retirement. “, reads the opinion.
Source: Larepublica
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