ONP has implemented new measures
The Pension Standardization Office (ONP) has established new provisions that allow affiliates of the National Pension System (SNP) access a minimal pension, even if they have not reached 20 years of traditionally required contributions. These modifications seek to offer economic support to those who, for various reasons, failed to complete the total years of contributions necessary to obtain a pension complete.
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The SNP operates under a solidarity model where active contributions finance the pensions of retirees. The amount of the pension depends on the amount of years provided and the average of the latest remuneration, regulated by Decree Law No. 19990.
Affiliates who have contributed for 10 years to the SNP will be able to receive a fixed monthly pension of S/300 from this year. This measure was approved within the framework of the Modernization Law of the Pension System in order to extend basic protection to contributors with less contribution time.
This proportional pension allows a vulnerable sector of the population, offering a guaranteed income in the retirement stage, even without fulfilling the minimumly required time.
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