The average age for retirement in Peru has gone from 65 years to 59, according to the Banking, Insurance and AFP Superintendence (SBS).
This institution told El Comercio that the demographic changes are determining that the retirement savings will be distributed over a greater number of years, which applies to both the national system and the private pension system.
“According to the INEI, the Peruvian population pyramid projected to the year 2025, compared to the year 2000, becomes ‘less young’, the number of people in childhood, adolescence and young adults is markedly reduced, and it gets thicker in adulthood and, to a greater extent, in the ranges known as the golden years,” SBS reported.
In this regard, they recalled that the objective of the retirement systems is to provide periodic monetary benefits when a person retires, faces a disability or to provide financial aid to the family upon the death of the owner of an insurance (survival).
“The countries implement retirement systems that are based on the compulsory savings of people of working age, so that, once they reach a certain age, they can still have a regular income until their death,” the SBS said.
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