The Minister of Economy and Finance, José Arista, pointed out that the pension reform proposal promoted by Parliament – with changes to the Executive project – lacks adequate wording that would allow it to focus and provide coverage to the 70% of the EAP that is not currently is under any type of system.
Before the Congressional Economy Commission, the head of the MEF said that there are four major problems: the minimum pension for members who have applied any withdrawal from the AFPs, the withdrawal of up to 50% of the funds for the payment of any mortgage loan, the creation of national accounts and the proposal of a consumption pension paid by the State.
In the first case, Arista was against offering a minimum pension for members who have chosen to leave their AFP accounts at zero. As recalled, the joint opinion of Congress also contemplates a withdrawal of up to 4 UIT of these funds.
Currently, there are 2 million members of the Private Pension System (SPP) with zero accounts, while another 4.9 million have less than 1 UIT. The MEF estimates that, if this seventh withdrawal is approved, the empty accounts would exceed 7 million. Therefore, it is considered that the amounts previously must be replenished to benefit.
“The system in these terms is unsustainable. A potential withdrawal would increase by S / 27,000 million plus the forado,” he said.
Embezzle from the treasury
At another time, Arista explained that the initiative to allocate 1% of annual personal consumption in bills (up to 12 UIT per year) to each person’s account must be “limited”, since the wording would allow the most well-off population to benefit and It would adjust the accounts already hit by low collection.
“The fiscal cost proposed by Congress in its project is quite underestimated,” he said.
The minister was also against withdrawing up to 50% for purposes that “distort the pension nature of savings for old age.” Finally, he said he agreed with the creation of ‘notional’ accounts (a change in the state distribution system), but stated that their profitability should be determined by regulation.
MEF asks to reduce ministries
The Minister of Economy, José Arista, was in favor of reducing the number of ministries to lower fiscal spending.
MEF has also presented a proposal to the Judiciary to implement rooms that allow reducing the resolution times for disputes with taxpayers.
Some congressmen criticized that the MEF proposal lacks an actuarial study that could accurately reflect the effect of the reform on the pension market and its level of reach among the population currently not covered.
Data:
45% of older adults in Peru do not receive any type of pension, according to Minister Arista.
25% of the AFP can currently be withdrawn to pay for a first home.
Source: Larepublica
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