The lower number of people who began to contribute during 2020 impacted the figures, which is explained by youth unemployment.
Last year was complex for the Chilean pension system as a whole.
To the two withdrawals of 10% of the pension funds managed by the AFPs, it was added that 2020 closed with the fewest contributors under 25 years of age since 2006.
The latter had an impact on the fact that the number of new affiliates covered by the Disability and Survival Insurance (SIS) was especially low.
According to figures from the Superintendency of Pensions, the number of people who joined the pension system last year and who are covered by the SIS reached 90,012, which means a decline of 47.8% compared to the 2019 figure.
The figure is the lowest since 2003, when only 74,603 people were covered with the largest group insurance in the country.
Situation of young people
Some experts already anticipated that it could be a bad year in terms of insurance coverage offered by the AFPs to life insurance companies due to the high level of unemployment, a situation that especially affected the youngest.
“What these figures show us is that the number of people who started trading in 2020 fell sharply. The cause of this was the lack of employment sources, informality. If we contrast the numbers of affiliates for 2019 with 2020, the difference shows us that they have increased in less number than in previous years ”, explains Hugo Cifuentes, an academic from the Faculty of Law of the PUC.
He warns that as a consequence, there are many workers who find themselves without foresight. “There is a no lesser percentage of workers who are not covered by insurance, with which some eventual social contingencies will not be covered if they occur, such as disability and survivor pensions,” he adds.
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