Caja de Profesionales: reserves to face the deficit will end in 2025

Caja de Profesionales: reserves to face the deficit will end in 2025

Economy and Business > numbers in red

The Caja de Profesionales presented a report with answers for deputies

Box of Professionals

Reading time:

March 21, 2023 at 2:41 p.m.

The Box of Professionals reported that he has reserves to cover operating deficits until 2025. After appearing before the Special Commission for the treatment of the bill that creates the common pension system, the Fund prepared a report to answer a series of questions that some legislators asked it. And there he exposed his financial situation.

One of the questions that the delegation of professionals received was about how many months the box had to meet its budget. In the document, he explained in the first instance that the Fund’s budget (operating expenses) is mainly covered with the organizational chart, coming mainly from direct and indirect contributions. He clarified that what is covered with reserves (investment portfolio) are operating deficits, which are made up of the difference between income and expenses.

He then pointed out that according to the projections made, “the reserves (investment portfolio that the Fund has to face operating deficits would be exhausted in the course of 2025.”

Caja de Profesionales: reserves to face the deficit will end in 2025

Camilo dos Santos

Box of Professionals

The letter recalled that since 2021 the Board of Directors has focused on the study of different measures and requested the technical services of the institution to quantify the economic-financial and actuarial impact through different scenarios put to consideration. Also that in May 2022 the Executive Power summoned the Caja de Profesionales to join a working group in which the Ministry of Laborthe Office of Planning and Budget and the Ministry of Economywith the aim of studying and presenting measures that would later form a bill.

He indicated that in September of last year, the Board of Directors sent the last projection made by the technical services to the working group and requested the Executive Branch to provide financial assistance to the institution in order to improve its flow of funds.

Among the main measures considered to have a financial impact in the short term were the increaseLowering the contribution rate of active affiliates to 19% of the fictitious salary of the corresponding category and the creation of a pecuniary contribution by retirees and pensioners.

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