Paraguay's pension system shows deep disparities among its funds, according to the 2025 Social Security Statistical Bulletin released by the Ministry of Labor, Employment and Social Security (MTESS). The figures reveal that at the Social Security Institute (IPS), the average benefit paid to retirees and pensioners equals 104.4% of the average salary of active workers contributing to the system. This means that, on average, inactive beneficiaries receive more than active workers.
The ratio had already been near this level in previous years: 101% in 2020, 100.3% in 2021, 100% in 2022, and 102.4% in 2023. The phenomenon contrasts sharply with other pension funds. At the Bancária fund, the benefit-to-salary ratio was 97.8% in 2024, after falling to 66.6% in 2022. At the Fiscal fund, the indicator stood at 80.6%; at Cajubi, 79.5%; at the Municipal fund, 73.9%; and at ANDE, 63.1%.
At the opposite extreme, the Ferroviária fund recorded the lowest replacement rate: only 21.7% in 2024, with an average benefit much lower than the average salary of active contributors. In 2023, this index was even lower, at 16.3%, reflecting structural difficulties and the small scale of this specific scheme.
In absolute terms, Cajubi continues to lead in both average salaries of active contributors and benefits paid. In 2024, the average salary of Cajubi contributors reached 29,027,992 guaranis, up from 27,095,496 guaranis in 2023 and 23,339,758 guaranis in 2020 — a cumulative increase of about 24.4% over four years. This amount nearly doubles the average salary recorded at the ANDE fund (13,934,709 guaranis) and exceeds that of IPS (4,264,630 guaranis) by more than six times.
The average benefit paid by Cajubi reached 23,066,119 guaranis in 2024, up from 17,814,675 guaranis in 2020. At the Bancária fund, the average benefit rose from 8,127,303 guaranis to 11,227,880 guaranis over the same period. At ANDE, the average benefit was 8,788,684 guaranis in 2024, above the 6,532,497 guaranis in 2020.
Across the entire system, the average salary of active contributors was 4,971,777 guaranis in 2024, while the total average benefit for retirees and pensioners reached 5,322,788 guaranis — also higher. This situation raises concerns about the financial sustainability of Paraguay's pension system, especially given population aging, labor informality, and growing pressure on public funds.
The differences among funds reflect the historical segmentation of the system: while sectors such as Itaipu Binacional and banking maintain high salaries and pensions, others operate at much lower levels, generating significant disparities between workers and retirees depending on the scheme to which they belong.