While the Superintendency of Banking, Insurance and AFP (SBS) warned that there are already four million members of the Private Pension System (SPP) with zero balance in their accounts as a result of the eighth withdrawal, in Congress they now aim to affect the National Pension System (SNP).
Thus, the left-wing group Together for Peru – Voices of the People – Magisterial Block, presented a bill that aims to allow SNP members to withdraw up to 3 UIT (S/16,050 today) from the ONP.
However, one detail that stands out is the lack of knowledge about how the SNP works. Within the objective of the proposal, it states that people will be able to access the aforementioned amount “accumulated in their individual account”, when this public system works as a pay-as-you-go system, that is, current pensions are paid with the contribution of the members.
Furthermore, as if Congress had a spending initiative, it is noted that the resources for the implementation of the proposal will be financed from the public budget of the Presidency of the Council of Ministers and the Ministry of Economy.
“It is important to note that the funds managed by the ONP constitute the exclusive private property of the members, and not of the State, it is necessary to have this as a premise at all times,” reads the explanatory memorandum.
Similarly, an “economic and social crisis” is referred to when economic growth estimates point to an advance of more than 3% and while consumption and private investment register positive results.
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