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Ad portas of the first applications of contributors who want to withdraw their 10 percent of the AFPs, the Superintendent of Pensions, Osvaldo Macias, I affirm that most of the payments should be made before Christmas.
“We calculate that Dec. 24 we should have several million requests already paid. We estimate that at least 50 percent of applications should be paid by that date“, said the regulator in an interview with What Remains of the Day, from Cooperative.
Members of the pension system will have from this Thursday a period of 365 days to request withdrawal advance of 10 percent of the funds, regardless of whether the coronavirus pandemic continues or has subsided in that time.
In a first stage, the entire process to make the request will be done electronically via Internet.
This second withdrawal considers the same characteristics as the first one -approved last July- and establishes that the amount minimum retire will be 35 Development Units (UF), which is equivalent to approximately one million pesos, while the maximum will be 150 FU, which are around 4.3 million pesos.
In the event that 10 percent corresponds to an amount less than 35 UF, the affiliates may withdraw up to said amount and, in the event that the total accumulated amount is less than 35 UF, the entire amount of funds.
Macías expects the entire operation to be “pretty fast” compared to the first withdrawal: “We are very prepared, the processes are much more mature and perfected than the previous time and we hope it flows in a better way, although the time of year doesn’t help us. “
PENSION REFORM
The superintendent insisted that these projects have weakened the pension system: “The two withdrawals will lower pensions by 23% on average”, he assured.
In that sense, Macías emphasized that “It is a priority that, instead of continuing to approve withdrawals that will lower pensions even more, a reform is approved that raises them”.
Superintendent of Pensions: It does not seem like a good argument to say that because pensions are bad we continue to take money so that pensions are even worse. It is a contradiction https://t.co/WoFHXvthxL #CooperativeInHome
– Cooperativa (@Cooperativa) December 7, 2020
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