The Executive gave the green light to the reform of the Peruvian Pension System (SPP), which is estimated to come into force in the middle of next year or early 2026. The respective regulations are now pending.
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In this regard, Elmer Cubapartner of Macroconsultexplained that this law has a fiscal cost of between 0.15% of the PGross Domestic Product (GDP) and 0.33% of GDP over 40 years, “something that is perfectly manageable” for the country.
“That amount is because it really gives pensions “low. If we want higher pensions, it will be a higher fiscal cost. As Peru continues to grow in the coming decades, more benefits can be given,” he told this newspaper.
In this regard, he indicated that there are currently approximately three million people over 65 years of age and only 50% are covered by a retirement pension, of which half are covered by Pension 65.
“If the reform were not carried out, as there is informality in Peru, the reality would begin to worsen and only 30% of retirees would be covered,” he said.
INDEPENDENT
The reform brings among its novelties the incorporation of independent workers of the fourth and fifth categories. The contribution amount will be progressive and will start at 2%, up to a maximum of 5%. “If you are an independent lawyer, you are paid for your service and the company that hires you retains, initially, 2% for the contribution,” explained Elmer Cuba.
He also explained that if there are people who work as employees, but at the same time have independent work, in both cases the withholding will be made.
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However, he clarified that this does not work for those who do not issue a receipt. For these informal workers, he pointed out that the consumption pension means support, although he clarified that “the amount is not much.” The norm establishes that it is 1% of consumption with an electronic sales receipt up to a maximum amount of 8 UIT (today S/41,200). For this reason, he highlighted the importance of formalization.
It should be noted that, according to the law, electronic invoices whose sales, transfer for use or service rendered amounts exceed S/700 are not considered.
Another new feature of the initiative is the minimum pension. According to article 25, all contributors of retirement age who can prove at least a certain number of effective contribution units (which will be defined in the regulations), whether through mandatory, social security or supplementary contributions, are entitled to this benefit.
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