Peru's New President Wants to Reform Social Security
Peru's New President Wants to Reform Social Security
Published 6 July 2016 (6 hours 19 minutes ago)
The newly elected president Kuczynski wants to eliminate the law that allowed Peruvians in the social security system to withdraw 95.5 percent of their savings.
Peru’s newly elected President Pedro Pablo Kuczynski said he will reform the country’s social security system when he takes office.
The system, public and private, is responsible for the administration of workers’ contributions, health system and retirement, and manages more than US$37 million in funds each year.
The Peruvian Congress gave approval to measures this week whereby people who reach retirement age, at 65 years old, can withdraw up to 95.5 percent of their savings.
Likewise, contributors of any age can withdraw up to 25 percent of their money to invest in housing.
More:
http://www.telesurtv.net/english/news/Perus-New-President-Wants-to-Reform-Social-Security-20160706-0013.html
