Credicorp Says Peru Pension Bill Poses Threat to Savings, Budget
- If passed, bill would wipe out funds for retirees, Bayly says
- Company proposes changes to pension system after elections
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A proposal by Peruvian lawmakers to grant workers unrestricted access to their private pension fund upon retirement would wipe out savings and put a strain on the national budget if passed by Congress, according to Peru’s biggest financial services company.
“It’s extremely dangerous and very irresponsible to make such a radical change so rashly,” Walter Bayly, the chief operating officer of Credicorp Ltd, which owns Peru’s second-largest pension fund, told reporters in Lima.