The president of the Central Reserve Bank (BCR), Julio Velardedescribed as “insense” the parliamentary proposal so that members of the National Pension System (SNP) can rwithdraw part of your contributions to the ONP.
In statements to the press, he recalled that the ONP, unlike the AFP, works as a pay-as-you-go system and not individual accounts, that is, a member’s contribution is used to pay a retiree’s pension.
“The money that I am paying is going to a retiree who is 70. It does not have a fund, it is a pay-as-you-go system. I distribute what active workers pay me to retirees. The State subsidizes pensions, but it is not enough,” he added.
On the other hand, he spoke about the reform of the pension system and pointed out that it is necessary for contributions to remain mandatory, as happens in other countries, since he considered that when it is voluntary it does not work.
Likewise, he stated that the majority of people prefer a system of individual accounts rather than distribution. “Afterwards one can discuss the management. We are really killing the pension system and there is no country that can survive without that,” he added.
STRESS
On the other hand, Julio Velarde pointed out that he does not see internal risks in the short term that could generate a downward change in the economic growth projections that the Central Reserve Bank has.
“We are not vaccinated against bad governments. (But the internal risks) I do not see in the short term. We have withstood such stress tests that it is truly impressive. Another country perhaps would not have resisted. It has been surprising how those events did not affect us so much,” he commented.
Likewise, he highlighted the country’s macroeconomic strength, which during the political “tensions” of the last 10 years has allowed the country not to have a high cost for the economy. “That cost produces greater unemployment, less growth,” he added.
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