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CEO of Sura AM Chile said that he is going in the opposite direction with a third withdrawal of 10%.

CEO of Sura AM Chile said that he is going in the opposite direction with a third withdrawal of 10%:

The executive pointed out that for now the targeting of resources should be prioritized before moving towards a Universal Basic Pension

Financial Newspaper – Santiago

In the midst of the discussion for a third withdrawal of 10% of the pension funds, the CEO of Sura Asset Management Chile, Francisco Murillo, pointed out that this measure is contrary to raising the amounts of pensions.

“There has been a massive package of state aid, which already amounts to more or less seven points of GDP. We are among the ten countries that have made the most fiscal effort to generate aid. On the other hand, what is beginning to happen is that with two retirements we have a projected fall in pensions of 20% and what we need at a time like this is the opposite, “commented the executive of AFP Capital’s controller in an interview with Radio Pauta.

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“We have been for many years with a pending reform for purposes that better pensions. So, we are going in the opposite direction,” he added.

Basic Universal Pension
One of the proposals that have been discussed regarding the pension reform is to implement a Basic Universal Pension, which has been recently pushed by the new president of the AFP Association, Alejandra Cox.

Although he was not opposed to the idea, Murillo did point out that for now, resources should be focused on the neediest segments.

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“The problem is that resources are sometimes scarce and targeting is more convenient. I believe that the discussion that is taking place in that sense is valid and possibly when one thinks of a scenario of gradually improving pensions, one starts with a slightly more focused solution and later it is giving universality to him, “he said.

reform Regarding the pension reform that is being processed in the Senate, he pointed out that the idea of ​​allocating an additional contribution percentage to a collective solidarity fund is “a tax on work.”

“We think that the resources should go to the individual accounts and, on the other hand, we must finance a Solidarity Pillar for everyone, but that it is not financed only by the dependent workers, who are the ones who would be affected by this 6%, but with general taxes of the nation, because tomorrow the people who are independent who have not contributed to the system are pension beneficiaries, “he said.

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