The Plenary of the Congress approved the withdrawal of 4 Tax Tax Units (UIT), that is S/21,400of the individual accounts of the AFP
After approval, the rule will pass to the Executive Power for its promulgation, and the Superintendence of Banking, Insurance and AFP (SBS) will have up to 30 days to regulate it.
When the regulation is in force, each AFP will open a web portal where affiliates may submit the application – virtual or face -to -face – during the following 90 calendar days.
The disbursement will be made every 30 days, for amounts of 1 UIT (S/5,350)and the first payment will be made at 30 days of submitted the application.
The funds will be considered intangible:
They may not be subject to discounts, legal or contractual compensation, embargoes or withholdings, except the judicial for food debts.
If the affiliate decides not to continue with the process, it can give up up to 10 calendar days before a new disbursement is made.
Mercedes Aráoz criticizes the eighth withdrawal from AFP
The approval of the eighth withdrawal of the AFP funds continues to generate controversy in the country. Mercedes Aráoz harshly criticized the decision of the Congress and revealed that it is a “populist” measure that threatens the sustainability of the pension system in Peru.
Aráoz said that this new retirement represents a severe blow for affiliates and the future of the pension system. “What we are showing to the market is very bad, because we cannot assure you to the contributor that an adequate pension may have,” he told RPP.
Eighth Retirement Impact
According to the Superintendence of Banking, Insurance and AFP (SBS), the eighth withdrawal of the AFP funds will mean the exit of approximately S/31,613 million of the system, which represents 27.5% of the total pensions.
In 2019, 840,000 people were recorded with zero balance in their accounts, but with figures updated to July of this year, that amount rose to 2.2 million members.
