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This morning, the general manager of the union participated in the webinar ‘Exceptional Retirement of Pension Funds’.
“We know that 1 million 700 thousand people took out all their savings and the rest of the people will see their pensions reduced”, were part of the words delivered today by the general manager of the AFP Association, Fernando Larraín.
The executive, already installed in the United States where he will work as a consultant for the World Bank on pension matters, warned about the effect that the withdrawal of 10% will have on pensions, especially those who withdrew all their savings.
“We must agree as a country which will be the mechanisms that the State will choose to guarantee people, especially those who took out all their savings, better future pensions”, he pointed out in the webinar “Exceptional Retirement of Pension Funds”.
In that sense, Larraín affirmed that eit’s important advance on the debate on pension reform, “with the sole purpose of seeking changes to have a comprehensive social protection system in old age that advances in better pensions.”
In his opinion, the factors that allow higher retirements are “un labor market that does not discriminate, with higher salaries, higher contribution rates than those we have today in Chile and an individually funded system that is complemented by a robust and broader pillar of solidarity than we have today, “he explained.
He added that the mandatory contribution must be for all workers, without exclusion.
Larraín also detailed that of the people who have requested retirement, 53% have been men and 47% women. “They have rescued 33% of their balance on average, while women almost half, which alerts us about the responsibility that the State will have to see how it should protect the future pensions of women especially,” he emphasized .
Food debtors and 10%
Regarding withholdings for alimony debtsLarraín assured that the administrators have taken all the information from the Judiciary.
“They are the ones who have delivered the base of people to whom we should retain the payment. Certainly the haste with which the process was carried out and the terms of the regulations caused certain inaccuracies in this base and payment to people who had no pending causes was stopped, “he acknowledged.
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However, he affirmed that the problem is already being solved and a few weeks ago the AFPs began to process the applications and payments.
Rescue for those living outside of Chile
The executive also referred to the situation of Chileans and people living abroad who have not yet been able to redeem part of their pension savings.
Thus, he announced that Starting this week, all the updated information regarding how to request the withdrawal of your 10% will be available on the site www.mi10afp.cl, without the need to do the procedure in person.
Volatility can continue
On the other hand, the executive highlighted that the profitability of the funds was not affected by the withdrawal. However, he warned that despite these positive results, “I want to insist that we must remain cautious, since the evolution of the pandemic is still uncertain as long as there is no vaccine.”
“The volatility of the markets is likely to continue. Despite this, all previous experiences of crises have shown us that economic losses can be recovered in the long term and we believe that this should not be an exception, “he said.
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