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In the midst of the efforts to stop the second withdrawal of 10% of the AFPs presented by the opposition, the Government chose to enter Congress on its own initiative, which limits the universe of beneficiaries.
The text, which has immediate discussion, is signed by the President Sebastián Piñera, the Minister of Finance, Ignacio Briones, and the Minister of Labor, María José Zaldívar.
What is the project about?
In the first place, the Executive’s initiative establishes the right to make the withdrawal of 10% “once and exceptionally” with a minimum of 35 UF ($ 1 million) and a maximum of 100 UF ($ 2.9 million). “If the accumulated balance is less than the minimum figure, the withdrawal of all the funds is authorized,” indicates the project.
Also within its first article, the text states that “in the event that the affiliate registers an individual capitalization account of voluntary contributions or voluntary savings account in a Pension Fund Administrator or in another authorized entity, You must first withdraw the funds saved in these instruments”.
Read also: Government presents constitutionality reservation after dispatch to the Chamber of the second withdrawal of 10%
Once these are exhausted, they will be able to withdraw the difference from their AFP funds to complete the amount authorized by law.
Who will not be able to access the 10%?
The Government project establishes that those who have registered a previous month will not be able to request their pension savings. contribution for a remuneration equal to or over 100 UF.
Neither can Public authorities.
Money delivery
On Wednesday, the Senate Constitution Commission approved in general and in particular the original project of the second withdrawal of 10%, and with this they limited that the payment It will be done in a single installment and in a maximum of 15 business days after the request is entered.
Read also: “It is a bad precedent for the constitutional process”: Sofofa asks to stop the second withdrawal of 10%
The Executive’s initiative, on the other hand, proposes that the delivery of the funds will be made in two installments: the first, corresponding to half, must be carried out within a maximum period of 60 business days; and the second within a maximum period of 10 days after the first payment.
Refund of funds
Another peculiarity of the project entered by La Moneda is that it establishes that those who withdraw their 10% they will have to repay the funds through an additional contribution that will be stimulated by the Superintendency of Pensions.
The initiative presented by the parliamentarians, on the other hand, raises a voluntary refund with a quote of 5%.
Review the project in detail here:
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