The withdrawal of retirement savings should always be taken as the last option, because it affects AFP members and the economy in general because it generates inflation and increases interest rates, warned the International Federation of Fund Administrators. Pensions (FIAP) when referring to the approval of a sixth withdrawal in the Economy Commission of Congress, which intends to empower access up to 4 UIT (S/ 18,400).
“The International Federation of AFPs wants to point out, as on previous occasions, that early withdrawals of funds should always be the last option. Institutions such as the OECD and countless other organizations and experts have recommended that these funds should not be used for purposes other than pensions”, he stated in relation to Peru.
Focused
In addition, he maintained that in case of urgency, withdrawals should be focused. That is, only allow them to those who need it and seek mechanisms to return the withdrawn money so that pensions are not affected in this way.
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FIAP recalled that with the five approved withdrawals between 2020 and 2021, AFP affiliates withdrew close to S/ 66,000 million and that this sixth withdrawal of 4 UITs would mean a decrease in workers’ savings equivalent to another S/ 31,000 million , which in total amounts to S/ 97,000 million (more than 11% of GDP).
Impact
This type of measure, added the international union, negatively and directly impacts the conditions of thousands of low-income workers, because it generates higher inflation, makes all types of credits more expensive and causes greater fiscal pressure that can reduce resources to stop financing. of social projects.
He added that the increase in inflation has a strong impact on prices, which is highly regressive because it hits proportionally more the budget of the poorest families.
In addition, FIAP exhorted “the authorities not to continue with these repeated withdrawals of pension savings that are doing so much damage to workers and their families, and to adopt public policies that are focused on improving their pensions, that are sustainable in the long term and that allow compliance with the essential objectives of a pension system, which are to reduce poverty in old age”.
From when can you withdraw from the AFP fund?
As is known, the Commission for the Economy, Banking, Finance and Financial Intelligence of Congress approved on Tuesday, April 12, the ruling that authorizes all affiliates to withdraw up to 4 UIT, that is, S/ 18,400, from their AFP funds. .
It is not yet possible to know the dates for the disbursement of the money for the same reason that there is no official consultation platform. First, the project must be approved in the plenary session of the Congress of the Republic and more details will be released later.
However, the initial proposal established that the withdrawal will be carried out in three parts as follows:
- First disbursement of up to 1 UIT: within a maximum period of 30 calendar days after submitting the request to the AFP.
- Second disbursement of up to 1 UIT: Within a maximum period of 30 calendar days.
- Third disbursement for the remaining requested amount of up to 2 UIT: Within a maximum period of 30 calendar days.
