On September 13, President Humala's cabinet approved a new means-tested, old-age program called Pensión 65 to be introduced in stages beginning in late 2011. According to government officials, the program will start with five of the country's poorest regions and will be extended gradually to the rest of the country by 2013. The cost of the program for 2012 is estimated at PEN 225 million (USD 81 million).
Pensión 65 will provide PEN 250 (USD 90) per month to individuals aged 65 or older in extreme poverty who do not receive any other government benefits. The Ministry of Social Inclusion and Development, a new government agency (to be established), will oversee the program.
Another measure to help combat poverty was implemented on August 15, increasing the monthly minimum wage from PEN 600 (USD 216) to PEN 675 (USD 243). Next year the minimum wage will be raised to PEN 750 (USD 270). (The minimum earnings used to calculate social security contributions are equal to the monthly minimum wage.)
According to Peru's National Statistics Institute, about one-third of the country's population lived in poverty in 2010. In 2007, more than 40 per cent of individuals aged 75 or older were considered poor; in rural areas, about 65 per cent of that age group were poor. At the same time, less than 10 per cent of individuals aged 60 or older received any type of pension.
This article was extracted from the United States Social Security Administration publication International Update, October 2011.
源: Social Security Programs Throughout the World: The Americas 2009, US Social Security Administration; "Peru President Launches Pension for Older People in Poverty," HelpAge International, July 30, 2010; "Poverty Decreases in Peru but Still Affects One Third of Population," Living in Peru, May 19, 2011; "Pension 65 Will Cover 100 pct of the Poorest Departments This Year," Living in Peru, August 25, 2011; "Peru Cabinet Oks Approval of 'Pension 65' for Poorer Peruvians," Dow Jones News Service, September 14, 2011; "Inician Pensión 65 con Partida de S/225 millones," El Comercio, el 14 de septiembre de 2011; Peru Compliance Alert, International Benefits Information Service Advisors, September 30, 2011.
Legislation date: 09.2011