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President Vizcarra: It is time to reform the pension system in Peru

15:55 | Lima, Apr. 1.

The President of the Republic Martin Vizcarra on Wednesday afternoon affirmed that the time has come to review the pension system —both private and public— in the country for the benefit of Peruvian contributors and future retirees.

The Head of State indicated that the commitment of his Government is to carry out the comprehensive reform of this system —which also includes the Public Pension System (ONP)— once the coronavirus emergency has ended in the country.

"What is also clear is that the Pension Fund Administrators (AFP) have shown a behavior that we —as the majority of the population— reject. It included interests and commissions that have been abusive and that deserve a comprehensive reform of the AFP system. Let's do it. That is the proposal. Let's do a comprehensive reform project together," he expressed.

In this sense, the top official requested Congress to work with the Executive Branch on a new bill, because the Legislative Branch's initial bill to authorize the withdrawal of 25% of AFP funds might cause problems to the country's financial system.

"I think the time has come to review the AFP, but not through the release of a fund that can now cause damage due to the distortions we have mentioned," he stated.

The statesman said that the Executive Branch maintains the same willingness to talk and continue talking with lawmakers to reach the best agreement for the sake of the country.




On this occasion, the President was joined by members of the Council of Ministers. The event was held at the Government Palace in Lima.

Wednesday marks the seventeenth day of mandatory social isolation.

(END) MDV/JJN/MVB

Published: 4/1/2020
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