Caja de Profesionales increased term to finance debts and gives more installments

The Caja de Jubilaciones y Pensiones de Profesionales Universitarios (Cjppu) promoted the extension for one year of the term to benefit from the system of payment facilities for debts foreseen in the Law No. 19,917 on November 13, 2020.

As indicated in the CJP websiteare included debts initiated prior to March 31, 2021 inclusive. Under this regime, debts may be paid in more installments: before they were up to 72 and now they will be up to 120 monthly installments, with an annual effective 4% interest rate for financing.

Obligations owed will be updated by the variation of the Average Index of Nominal Salaries (IMSN). As explained from the Caja, by changing the way of updating the debts, in some cases the amount of the debts can decrease. From the CJPPU, they encourage professionals to consult their situation through the institution’s website, to be able to regularize and regain access to the coverage benefits provided by the Fund.

The regulation establishes some conditions: the periods that are financed under the protection of this law “They cannot be included in subsequent payment facility agreements, and must be paid in full prior to the signing of a new agreement for subsequent debits.”.

In turn, those who benefit from this regime and enter into a payment agreement, they will not be able to enjoy the benefits granted by the Fund without prior cancellation of all the installments as well as any other obligation, Exceptions are subsidies for temporary disability and pregnancy due to non-definitive disability.

Financial crisis

The Board of Directors of the Cjppu continues to work to address the financial crisis facing the organization and which meant close 2021 with a deficit of $2 billion (US$49.9 million). In turn, the red numbers of the state-owned box for the 2021-2026 period would be between US$ 166 million and US$ 262 million In a medium scenario, while in a pessimistic scenario, the estimated amount of the deficits would range from US$ 238 million up to US$ 329 million.

To address this deficit, the Cjppu is working on measures to send to the Executive Branch. In the meantime, he has already made two decisions. On the one hand, dwaive exceptions to health benefitsexcept for beneficiaries who have a “favorable court ruling” and those who are linked to situations of disability or medical provisions. On the other hand, revoke the additional increases in liabilities of 2.5% and 3%.

Last April 8 the directory also approved a salary reduction for managers and officials of the institution. It was agreed to “apply the Article 744 of Law 19,924 dated December 30, 2020, which caps the salaries that can be received by people who provide services to non-state public bodiespreventing them from exceeding the “superior permanent monthly income” of a deputy secretary of state.

This with the exceptions authorized by the Presidency contained in annex 1 of resolution E/618 dated April 1, 2020. The agencies may request, in exceptional cases and for reasons based on the notorious competence or irrefutably proven experience of the person physical, exceed the established limit for which they must have a prior favorable report from the Planning and Budget Office (OPP) and the Ministry of Economy and Finance (MEF).

The new resolution is already in force and establishes that the salary of the general manager, today Miguel Sánchez, fell from $626,694 to $413,191 nominal. The IT manager starts to collect $ 286,947the Collection and Control Manager $ 283,782, and the affiliate manager $274,899. These amounts may be increased if so established by the Salary Councils, provided that “do not exceed the percentage increase of civil servants“.

A four of them have their salaries frozen until they reach the range of what an Undersecretary of State receives. Thus, the managers of Technical Consulting, Planning and Management Control, Legal Consulting, the administrative accountant and the internal auditor will receive a nominal $282,506.

These wages don’t count.”the legal supplementary annual salary, seniority premium and social benefits“, adds the resolution, which gives effect to the exceptions until December 31, 2022.

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