Wednesday, May 31, 2023

AFP: What is the average salary of an AFP member?

New initiatives for the seventh retirement of funds from the AFPs continue to be debated in Congress, but what is the current status of the members of the Private Pension System?

The director general of the directorate of financial markets and private pensions of the Ministry of Economy, Andrés Zacarias, warns that many of the partners have less than 4,950 plants in their AFPs after the previous withdrawals.

“Already with the fifth subtraction, even 77% of the members’ savings are less than the UIT, they are about 4 million, and 2.3 million pounds are not equal. Any initiative to withdraw money does not necessarily benefit the vulnerable populations; it benefits the people who have never lost their jobs “, he commented on the participation of the Economic Commission of Congress.

The Superintendent of Banking, Insurance and AFP (SBS) agrees that the majority of people who still have money from the Secret Pension System are not in a vulnerable position.

The deputy superintendent of the AFPs SBS, Elio Sánchez, determined that at the national level only about two out of every 10 Peruvians are associated with the AFPs.

“The pension assessments, as planned, were made because of the formal population that has a labor relationship, we see that on average not the whole population (…) only 19% of the population will be in the future. placed inside. And more than 50% of the potential eliminations would be in Lima explained

How much pensions?

In addition, the Ministry of Economy and Finance (MEF) warns that the new withdrawals of funds increase the risk of poverty in old age.

The head of economic studies of the Central Bank (BCR), Adrián Armas explained how much the worker needs in his money to obtain the minimum retirement pension.

“It is estimated that a pension of five hundred feet, from the age of 65, should have 110 thousand feet of savings. Those 110 thousand feet of savings is what is required for the entire long life. The numbers suggest that. Students live longer, and it means they need more savings,” he said.

According to the AFP Association, the average rent in Peru is 1,300 feet in recession, 1,800 plants in case of failure and 800 plants in case of survival.

It is also indicated that there are three variables that determine whether the pension is more or less low, these are: the age at which a person joins, the regularity with which he contributes and how much he contributes monthly.

Nation World News Desk
Nation World News Desk
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