The Pension Reform bill, which includes measures such as the Self-loan of the AFP, continues to be debated in Congress without significant progress. This measure would allow members to withdraw a part of their pension savings, but exactly how much money could they receive?
As established in the bill, members would have the possibility of withdrawing 5% of their funds from saving pension, with a maximum limit of 30 UF, which is equivalent to about 1.1 million pesos for those who have more savings. This amount should be returned in installments by the contributor the month following the request.
More than 9,300,000 affiliates would be able to request the Self-loan. Among them, approximately 1,500,000 could request the maximum amount allowed, while around 7,900,000 would have the option of requesting a smaller amount, up to 5% of the available balance in their pension funds.
This measure seeks to provide a short-term financing option for those members who are in pressing economic situations. However, the bill is still in the process of discussion and has not been implemented, so it is important to closely follow its progress in Congress to know the final details and the definitive conditions of the bill. Self-loan of the AFP.
Regarding the requirements to request the Self-loan, these are pretty clear. Affiliates must be five years or more from retirement age, that is, men under 60 and women under 55. In addition, they must have funds available for retirement and not be retired at the time of application.
