The Ministry of Economy and Finance (MEF) stressed that the Regulation of the Modernization Law of the Peruvian Pension System, which was published today, seeks to guarantee access to social security in pensions for all Peruvians and propitiate a progressive increase in coverage.
Is that, within the scope of the norm, it is established that Peruvians will have access to a Minimum pension of S/600, which does not discriminate against affiliates to the public or private system.
“This regulation is the result of a consultation process with all sectors involved and constitutes a fundamental milestone in pension reform. Its measures will allow the modernization of the system to be executed in an orderly and progressive manner,” said the Minister of Economy and Finance, Raúl Pérez Reyes.
What does the pension system say?
1. Universal affiliation since the age of 18, through a new mandatory affiliation scheme that will increase coverage and promote, from an early age, the pension culture. To do this, the safe and transparent affiliation platform (PAST) is created, managed by the ONP, which will interconnect entities and affiliates in a single digital support.
2. Inclusion of independent workers, who will initially contribute 2 % since 2028, with an increase to 5 % from 2034, which will allow them to access system benefits.
3. Employment of new competitors, such as insurance companies, investment banks and multiple operating companies, which will promote competition and generate greater benefits for affiliates.
4. Commission implementation for productivity, together with new provisions on migration between commissions, minimum profitability and strengthening the responsibilities of the SBS in these issues.
5. Pensions with state guarantee, through the semicontributive pillar, which will grant a pension with public financing for those affiliates who, despite their efforts, did not accumulate contributions for a minimum pension.
6. Free pension transfer, with simpler rules to change between the state and private system.
7. Expansion of coverage of the non -contributory pillar, benefiting citizens in poverty or vulnerability, with the aim of strengthening and increasing the scope of various social programs.
8. Expansion of reach of the contributory pillar, through new voluntary contributions with pension purpose, including returns due to excess income tax and consumption contributions.
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