Alíquota previdenciária em um regime de capitalização: uma contribuição ao debate

Abstract

This article offers elements for the discussion about what should be the contribution rate in a fully funded pension system, if this arrangement is to be adopted in Brazil. It is shown that with the increase in longevity, contributions that were reasonable in the past became insufficient and that the required contribution rate to allow the maintenance of the consumption pattern, once reached the retirement period, tends to be quite high for the age in which most people retire, in general. The objective of retiring with a benefit equal to the last salary, in the case of an individual who starts working at the age of 20, contributes for 35 years and receives the benefit for 30 years, until the 85 years, with a real salary growth rate in the range of 1% to 1.5% per year and a real long-term interest rate of 4% to 5%, would imply making monthly contributions of 21% to 32% of the person’s salary throughout the working life.