The reform of pension system It is already a reality after the Executive published the regulation of the norm. The director of the Peruvian Institute of Economics (IPE), Diego Macera, said the changes will contribute to making the system more sustainable.
Among the things to highlight, he mentioned that the minimum pension makes the regime more just. In addition, he indicated that the established amount could increase every three years, after evaluation and by law of the Congress.
To understand more of this reform, Peru21 He has summarized the key points of the changes, which are intended to have a pension in the future.
Minimum pension
The standard establishes that all affiliates, either from the public or private system, will be able to access a minimum pension that will initially be S/600 for those who register 20 years of contribution. That amount will be evaluated – for an eventual readjustment – every three years, taking into account the financial capacity of the State and the possibilities of the national economy. It should be noted that this does not mean that people who made a greater contribution during their working life can not charge more when they retire.
New competitors
One of the novelties of the reform is the incorporation of more participants in the private system (SPP). In that sense, the standard establishes the figure of the fund managing companies (EAF), which is composed of the AFPs and insurance companies, investment banks and multiple operating companies. The Superintendence of Banking, Insurance and AFP (SBS) will specify the operational procedures to incorporate these institutions into the SPP.
Commission for productivity
To the flow and balance commissions currently charged, the AFPs add a “productivity”. This form of collection is made up of a fixed commission, whose calculation reference is defined by the SBS, considering international practices, and a part that corresponds to profitability.
Affiliation since the age of 18
It has been determined that all people who turn 18 since June 1, 2027, will be mandatory to the pension system. This citizen will have a period of 12 months, from the next day he fulfilled the age of majority, to decide whether to go to the public or private. In case of not taking a position, it will automatically be affiliated with the national system.
Consumption pension
In order for people to have more money in the background, the consumption pension has been incorporated, which will allow 1% of the purchase value to join for retirement. This will apply from 2027.
INDEPENDENT CONTRIBUTION
Since 2028, independent workers will have to make the mandatory contribution. In the first and second year, the contribution will be 2% of the income. That percentage will be increased and will start from 2034 will rise to 5%.
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