What is missing to be able to make withdrawals from the AFP and CTS? The plenary session of Congress approved by a large majority the sixth withdrawal of the AFP and the third of the CTS with the aim of reactivating the economy. What is the term that the Executive has to approve both regulations?
MORE INFORMATION: What to do if you withdraw your funds from the AFPs and CTS?
The plenary session of Congress approved on May 4 an opinion of the Commission of Economy, Banking, Finance and Financial Intelligence, which allows a new withdrawal of funds from the Private Pension System (SPP) up to S/18,400. The legislature also gave the green light, by a large majority, to the project of the Labor Commission to withdraw 100% of the CTS until December 31, 2023.
The objective of both bills is to face the economic crisis derived from the coronavirus pandemic, to which has been added the rise in prices of fuels and basic necessities due to the war between Russia and Ukraine. What is missing for disbursements to be made?
WHAT IS MISSING FOR THE SIXTH WITHDRAWAL OF THE AFP FUNDS TO BECOME LAW?
In order to access a new withdrawal of funds, the following steps must be fulfilled:
- The Congress sent the autograph of the law to the President of the Republic, Pedro Castillo, for its promulgation within a period of 15 business days. The document was received in the presidential office on May 6, 2022 at 9:46 in the morning. The deadline is May 27.
- If there are no observations, the President of the Republic must promulgate the law, ordering its publication in the Official Gazette El Peruano. The day after publication, the sixth withdrawal of funds would become law. The SBS must establish the regulation within 15 days.
other scenarios
- If the Executive presents any observations on the proposal approved by Congress, it has 15 days to submit them to the Legislative.
- If the term of 15 days expires, that is, until May 27, the President of the Republic does not promulgate the proposed law sent, it is promulgated by the presidency of Congress.
HOW COULD THE SIXTH WITHDRAWAL OF AFP FUNDS BE MADE?
The opinion proposes that the disbursement be in three parts, as on previous occasions:
- First part: One UIT (S/4,600) 30 days after the request is computed.
- Second part: One UIT (S/4,600) 30 days after delivery of the first amount.
- Third part: Two UIT (S/9,200) 30 days after the second delivery.
WHAT IS MISSING SO THAT ALL THE CTS CAN BE REMOVED?
In order for the withdrawal of the CTS to be effective, the following steps are required:
- The project was sent by Congress on May 12 to the Government to evaluate whether to decide to promulgate it or observe it. The deadline is June 2.
- If the Executive presents any observation to the proposal approved by Congress, it has 15 days to present it to the Legislative, that is, June 2.
- If the term of 15 days has elapsed, the President of the Republic does not promulgate the bill sent, it is promulgated by the presidency of Congress.
- If the proposal of the Congressional Labor Commission becomes law, it must be promulgated in the Legal Norms of the newspaper El Peruano.
- The Executive Power, in addition, must dictate the necessary regulatory provisions within a maximum period of 10 calendar days, from the entry into force of the law.
HOW MUCH MONEY FROM MY CTS WILL I BE ABLE TO ACCESS AND FOR HOW LONG?
If the project that allows access to 100% of the CTS funds, which one has in a financial entity, be it a bank or a savings bank, is approved, future deposits will also be available, which will be made in 2022 and 2023. The CTS is equivalent, on average, to an annual remuneration, which must be deposited by the employer in favor of the worker in two parts of 50% each.
