Congress to review pension switch issue

A Peruvian congressional committee will review the issue of pension system affiliation following an amendment approved earlier this month, local news agency Andina quoted congressman Xavier Barrón as saying. A social security committee voted for legislation on March 8 that allows affiliates of the country's pension fund managers, or AFPs, to return to the state social security agency SNP. According to Barrón, eight out of 15 committee members have now placed their support behind an alternative proposal on the issue, warranting sufficient numbers under current legislation to reopen the pension fund debate. The report did not specify the new proposal. By law, salaried workers are required to contribute a percentage of their gross wage into an individual account at an AFP of their choice, which then invests those funds in different financial instruments.