José Arista, Economy Minister, referred to a possible change in the pension fund system. In the extraordinary session of the Economy Commission, Arista referred to the proposal proposed by the delivery of minimum pensions that would be paid in part by the State. He added that the proposal must be accompanied by a measure that prevents AFP withdrawals in the future.
As recalled, the Superintendency of Banking, Insurance and AFP (SBS) issued the regulations that obligate the Pension Fund Associations (AFP) to provide the schedule for the withdrawal of the 4 ITU of pension funds, equivalent to S/20,600. Withdrawal requests will begin starting May 20, date on which contributors will have the option to request this refund. If the consumption pension proposal is finalized and includes what was mentioned by Minister Arista, this could be the last withdrawal from private pension funds.
Pension system for consumption would not include members who withdrew funds from their AFP, according to Minister Arista
During his speech at the Commission on Economy, Banking, Finance and Financial Intelligence of the Congress of the republic, Jose Arista He emphasized that consumption pensions could be a system that works with the help of the State; However, he pointed out that the condition that the Ministry of Economy and Finance is that there are no more withdrawals from pension funds in the future. Furthermore, he realized that this system has not been applied anywhere in the world.
“If we can have a voluntary contribution system, the treasury could contribute the same amount of resources that the future pensioner or contributor voluntarily contributes to his or her account, but with the slogan that there will be no withdrawals in the futurethat there are no rules that allow withdrawals in the future before retirement,” said Arista. At another point in his speech, the Minister of Economy, José Arista, indicated that the cost to implement the consumption pension system, according to calculations tax, would amount to an amount of S/1,300,000,000.
Arista on pensions for consumption: “We must prevent the rule from being regressive”
When referring to the standard proposed by Popular Forcethe Minister of Economy, Jose Arista, pointed out that one of the points that must be reconsidered is the consumption limit. He recommended that the consumption cap 12 ITU annuallythat is, expenses that would be equivalent to 5,000 soles per month, be it reducedsince the rule could benefit people who do not need the help of the State to generate a decent pension fund in a few years.
“We believe that it should be a little lower to prevent people with higher incomes from benefiting from State transfers. Everything possible must be done to avoid the regressivity of the proposal. To the extent that the regressivity of this can be corrected system, I believe that the norm is on the right track,” said the minister.
Source: Larepublica
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