Retirements: due to the freezing of the bonus, the purchasing power of assets fell 12.7% in the last two years

The fall in average pension assets is due to several factors. On the one hand, many people accessed retirement through the moratorium receiving the minimum income. Of the total beneficiaries, those who retired with the moratoriums grew. In turn, the pension bonus remained frozen at $70,000 since March 2024.

“The decision to set the Reinforcement (bonus) at $70,000 (March 2024) implied a trend reduction in mobility that affects 48.8% of the beneficiaries (holders) of the SIPA, about 3.0 million people.

In the year 2025, this measure caused a 5.2% reduction year-on-year. in the mobility of the minimum asset with reinforcement. The positive impact of the Reinforcement decreased over timegoing from representing 52% of the Minimum Asset in December 2023 to 18.9% in December 2025,” says ASAP.

The PUAM (Universal Pension for the Elderly) also had an impact, “Since its creation, spending on PUAM had an upward trend until the second half of 2023 and then decreased, given the pension moratorium of Law 27,705. In the year 2025, total benefits increased by 4.2%, effect of the end of the pension moratorium of Law 27,705,” adds the Report. The PUAM is equivalent to 80% of the minimum asset, plus the bonus of $70,000.

The actual drop in pension assets was not greater because the ANSeS was adjusting the assets of retirees who appealed to the courts and obtained a final ruling, leaving the payment of retroactivity still undefined.

The ASAP Report explains that “with the worsening of inflation, mobility fell sharply in constant terms since December 2017. The trajectory of salaries was also downward, with significant differences between formal and informal salaries. The ‘disconnection’ between the trajectory of formal salaries and mobility without reinforcements is notable,” said that study center.

Likewise, towards February 2024 “a substantial drop in mobility and salaries was verified, after the devaluation of December 2023 and its effect on monthly inflation levels,” he continued.

Meanwhile, “as of March 2024, these variables recover at the rate of the decrease in monthly inflation and the modification of the mobility scheme. As of April 2024, the recovery of mobility slows down, being surpassed by the recovery of salaries towards February 2025. Mobility with reinforcements has a decreasing trend, taking into account the decision to freeze the reinforcement at $70,000, as of March 2024,” ASAP concluded.