Peru: Retirees Feel Cheated by Privatized Pension System

Over six million Peruvians depend on the privatized pension system created in the wave of neoliberal reforms in the 1990s, yet many say they are cheated by it. Congressman Yohny Lescano notes that while many pensioners receive less tan US$2,000 a year, the CEOs of the Pension Fund Administrators (AFPs) are making close to US$400,000 a year in addition to bonuses, stock and other benefits. In court cases, says Lescano, the AFPs never lose. Moreover, they recently announced that due to the longer life expectancy of the pensioners, new retirees will now be receiving even less cash every month. Rael Mora reports from Lima for teleSUR.