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New drafts of the seventh withdrawal of funds from the AFP continue to be discussed in Congress, but what is the current position of members of the private pension system?
The head of the General Directorate of Financial Markets and Private Pensions of the Ministry of Economy, Andres Zacarias, warns that most branches they have less than 4950 salts in their AFP since the previous withdrawal.
“Already with the fifth withdrawal of funds, even 77% of branches had savings of less than one UST, there were about 4 million of them, and 2.3 million had balances equal to zero. Any upcoming withdrawal initiative will not necessarily benefit the vulnerable population, It will benefit the population that has never lost a job,” he commented during his participation in the Congressional Economic Commission.
Department of Banking, Insurance and AFP (SBS) agrees that most people who still have funds from the private pension system are not in a vulnerable position.
AFP SBS Deputy Superintendent Elio Sanchez elaborated that nationally, only about two out of every 10 Peruvians are affiliated with AFP.
“Pension systems as calculated are made for the formal population in labor relations, we see that on average it will not cover the entire population (…) Only 19% of the population is within reach. And more than 50% of potential seizures will be in Lima,” he explained.
How much do pensions cost?
In addition, the Ministry of Economy and Finance (MEF) warns that new withdrawal of funds increase the risk of poverty in old age.
Central Reserve Bank (BCR) economic research manager Adrian Armas explained how much money a worker needs in his means to achieve the minimum old-age pension.
“It has been calculated that in order to receive a pension of 500 soles, starting from the age of 65, it is necessary to have preservation in the amount of 110 thousand soles. This 110,000 salts of savings is what is required for the whole long period of old age. The numbers show that retirees are living longer, which also means they need more savings,” he said.
According to the AFP Association, the average pension in Peru is sols 1,300 for retirement, sols 1,800 for disability and sols 800 for survival.
It is also stated that there are three variables that determine what pension is more or less low, these are: the age at which a person enrolls, the regularity with which he contributes, and the amount he contributes monthly.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.