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Pension reform: these are the main points approved by the Economy Commission

Pension reform: these are the main points approved by the Economy Commission

The pension reform approved last Tuesday in the Economy, Banking, Finance and Financial Intelligence Commission of the Congress of the Republic would bring greater competition in the supply of pension managers. In addition, it would provide a consumption pension as a mechanism for complementary contributions and a minimum pension for the Private Pension System.

In that sense, the ruling expands the number of competitors that could capture affiliate funds. That is, this would translate into the freedom to decide the destination of the savings, whether in a bank, a municipal savings bank, a financial institution, a cooperative or an insurance company.

Likewise, it would be included in the contribution of independent workers with a progressive withholding from 2% in the first year, increasing one point every two years up to 5%. with the aim that everyone can access a pension. The latter would apply from the third year after the law was published.

Likewise, another of the important changes that are being presented is the consumption pension, promoted by Fuerza Popular. Through it, regardless of whether or not the person is a member of any AFP or ONP, You may allocate 1% of your consumption credited with proof of payment.

In that sense, as a result of the meetings with the Ministry of Economy and Finance (MEF), the opinion has reduced the proposed maximum limit of annual purchases from 12 to 8 UIT (S/41,200). In the same way, as a contribution to Sunat, The ticket must not exceed S/700 for the calculation. This, with the aim of not only benefiting workers with higher incomes.

In addition, those over 18 years of age will have to choose the system to which they want to belong (private or public) and those who do not do so will necessarily join the public system.

Minimum pension and clause

The minimum pension, which ONP members already enjoy, will be S/600 for members of any of the AFPs, this as long as they have contributed at least 20 years to the pension system. While the pension for orphanhood and widowhood would be S/400. If the accumulated fund is not enough to cover the minimum pension payments, the missing amount would be covered by the State. The update of the minimum pension must be updated every three years and be approved in the Plenary.

Nevertheless, To access the minimum pension, no withdrawal of funds accumulated in the individual accounts of mandatory contributions must have been made, “as of the entry into force of the law.”

Bonus for switching from ONP to AFP

The project also includes a recognition bonus for the transfer of ONP workers to the AFP. The MEF, at first, had been against it, since a pay-as-you-go system, like that of the National Pension System, implies that the resources are not individual.

Besides, granting this bonus would put at risk the sustainability of the National Pension Systemdue to its high fiscal cost, which could cost S/581 million in the first year.

Source: Larepublica

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