AFP: Discover how much is the amount discounted monthly to workers in Peru

A large number of Peruvians is integrated into the Private pension system (SPP). In this context, many choose to join a pension fund manager (AFP), which is responsible for the management of workers’ pension funds. If you are part of a AFPit is important that you are aware that a mandatory discount is made in your salary every month. Next, we provide detailed information about this discount and its operation within the pension system.

How much is the amount you discount for your AFP?

If you are a formal worker, every month you are discounted 10% of your salary To allocate it to your individual capitalization account in the AFP in which you are affiliated, either Integrate, habitat, cousin or profutur. However, this is not the only discount that applies to your salary. In total, there are three concepts that are discounted as part of the AFP system:

• Mandatory contribution (10%)
  This is the percentage that is used directly to your pension fund. It is a mandatory discount for training workers. In the case of independent workers, the minimum contribution is S/113.50, equivalent to 10% of the minimum salary.
• Invalidity and survival insurance (1.70%)
  This amount is destined to an insurer to guarantee coverage in case of disability, death or funeral expenses. In case of any of these situations, the insurance will be in charge of finance the corresponding pension or cover the funeral costs.
• Commission for Administration
  The AFP charges a commission for managing your pension fund. The percentage varies according to the entity and the type of commission, which can be on flow (your monthly salary is discounted) or annual on balance (it is discounted from the total accumulated in your bottom).

When do you contribute to AFP in a whole year?

If you work continuously for a whole year and your salary remains stable in that period, the total contributed to your AFP will be equivalent to 120% of your monthly salary. To know the exact amount of your annual contribution, you can follow these steps:

• Calculate the monthly contribution: Use the formula:
  AFP contribution = salary x 10%
  That is, if your salary is Xthe discount corresponding to the AFP will be X × 0.10.
• Determine the annual contribution: Multiply the monthly contribution for 12 months:
  Annual contribution = (salary x 10%) × 12
  This calculation is valid if your salary has remained constant throughout the year.
• For example, if you perceive the minimum salary, which is currently S/1,025your annual contribution to the AFP will be approximately S/1,230.

How to know what AFP you belong to?

You can verify this information through the web portal of the Superintendence of Banking, Insurance and AFP (SBS), which provides this online service for free. To carry out the process, follow these steps:

• Access the official website through this link.
• Click on the ‘Registration’ option, located in the upper right corner of the page.
• A window will open with the conditions of use. Select “I declare to agree” and then press “Next.”
• Enter your number of National Identity Document (DNI).
• Provide your email in the requested field.
• Mark the “I have verified that the email is valid” and click on “Next”.
• Once registered, select the “Pension Situation Report” option. In the document generated, you can visualize the AFP to which you are affiliated.

How to know how much money you have in your AFP?

AFP integ

The AFP affiliates Integra can check the balance of your account directly through your website. It is only necessary to enter personal data in the corresponding section to access your pension fund information quickly and safely.

AFP Habitat

For those who are affiliated with AFP habitT, the account state consultation is carried out through the official platform of the entity. Once inside, the user must provide their personal data to visualize the detail of their balance and movements.

Profuturo AFP

The affiliates of Profuturo AFP You can verify the status of your account by entering your web portal. Within the platform, there is a section dedicated to private access, where the web key and the requested data are required to know the accumulated amount in the pension fund.

AFP cousin

In the case of affiliates of AFP cousinthe consultation process is equally simple. They must only access the official portal of the entity and go to the option ‘My account’. Introducing the ID number and the registered password, they will be able to access all the information about their pension fund.

This procedure allows affiliates to remain informed about the status of their pension savings safely and without the need to go to a physical office.

What are the latest changes within the AFP?

With the approval of the Modernization Law of the Peruvian pension systempromulgated by the Executive at the end of September 2024, citizens can now count on funds in both pension systems: the National Pension System (ONP) and the Private Pension System (AFP), without losing the contributions previously made.

Víctorhugo Montoya, head of the Office of Pension Standardization (ONP), explained, in prior dialogue with the Republic, that one of the most important advances of this law is the freedom granted to workers to choose where to place their contributions. According to Montoya, this regulation allows citizens to transfer their contributions to the private system (AFP) without losing what is already accumulated in the ONP.

Consequently, affiliates will have the possibility of accessing a pension of both the public and private system, depending on the contributions made in each.