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In a “marathon” day, the Congress passed into law the bill presented by the government in order to establish a new exceptional withdrawal of 10% of the funds accumulated in the AFPs.
The initiative passed through the House Finance Commission in the morning hours, then it was approved in the Chamber during the afternoon and, in its third process, received the approval of the members of Senate Treasury. In this way, after 9 pm he had the support of the majority of the senators.
Although it was the scenario that was predicted after the agreement reached on tax matters, the discussion was not without controversy. Parliamentarians took advantage of each intervention to direct their criticism against the opposite sector. The opposition did not hesitate to question the guidelines of the President Sebastián Piñera, as the deputy chief of the bench of the PPD, Loreto Carvajal, it is about a government incapable “to go to the aid of those who need it most”.
From the other side, the ruling party stressed that this was the only way to carry out the process legally, since the proposal of the left, the constitutional reform promoted in the Chamber, clearly it would be unconstitutional.
Beyond the reproaches, everyone agreed that the debate had to be carried out quickly, in post of the citizens, to those who promised that they will have their money before Christmas.
Therefore, from the different benches they emphasized the urgency with which the President must promulgate the regulations. “We urge the Government to enact this project today and don’t make the Chileans wait any longer, “said the DC Matias Walker, making present their distrust that they could resort to any tool to delay the implementation of the standard.
Additionally, from Chile Come on They demanded that after the green light for this emergency measure, the debate on the pension reform that awaits in the Senate be faced with urgency. “We need to reform the system. In the chamber we reached an agreement on January 29, and that agreement must finalize in the Senate, for there to be a reform of the pension system, which is a desperate cry of many Chileans for a long time ”, planted the head of the RN bench, Sebastian Torrealba.
So will the second 10%
- Practically everyone can withdraw, including pensioners. Only high authorities are excluded.
- If 10% is less than 35UF, it is paid in one installment. If it is more, 1st installment is paid in a maximum of 10 business days and 2nd in the next 10 business days.
- Includes forced withholding for alimony debtors.
- Those who earn income over $ 1.5 million pay taxes.
- No funds must be refunded.
✅ A Law I Senate approves and passes into Law the bill that allows the withdrawal of pension funds.
These are the keys to the project that was in a position to be enacted.# RetiroDel10xCiento pic.twitter.com/UniRl0ZABQ
– SenadoChile (@Senado_Chile) December 4, 2020
System “stress” threatens cash availability
As he commented to this medium Felipe Obal, public accountant and auditor, at the end of the year, the demand for printed money is greater and, as a result of the approval of the second withdrawal of the AFP, “It is possible that said demand will increase considerably.” But what is the problem? That in accordance with the terms stipulated in the regulations, “ticket availability” might not be enough.
As explained by the minister Ignacio Briones, this process could further stress the already delicate scene faced by banks, which traditionally make about 10 million payments in December.
And if one takes into account that a quarter of the payments of the 1st withdrawal were made in cash, as the president of the central bank, Mario marcel, the outlook is not very encouraging. He explained that this percentage corresponds to 4 billion pesos, which is equivalent to 250 million tickets, for which he insisted that the deadlines not be limited, implying that he could simply face a shortage.
In any case, the different organisms, including the State Bank, where 80% of withdrawals pass, they claim to be doing what is necessary to carry out the process in the best terms.
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