Congressional Economic Commission approves withdrawal of up to 17,200 Soles from the AFP’s

According to the opinion approved tonight, the affiliates will be able to request the withdrawal of their funds within a period of 90 calendar days after the regulation of this rule takes effect.

The Commission of Economy, Banking, Finance and Financial Intelligence of the Congress of the Republic, approved on Tuesday night the opinion that allows to release up to 4 Tax Tax Units (UIT) equivalent to 17,200 soles, to the affiliates of the AFPs of their pension funds, which have not registered contributions in the last 12 months.

This legislative working group chaired by congressman Anthony Novoa put two options for debate, the first referred to authorizing the withdrawal of contributions from the AFPs with the limit of 4 UITs and the second option contemplated the withdrawal of 100% of the contributions without no restriction.

The first option was imposed with seven votes in favor over the second option, which was supported by four congressmen.

In the debate, it was indicated that the first option will benefit 97% of the affiliates who are without work due to the COVID-19 pandemic.

The debate on the additional withdrawal of funds from the AFPs began on the eve of the intermission period and today it finally went to vote.

The affiliates who will access this benefit may request the withdrawal of their funds either virtually or in person for a single time, within a period of 90 calendar days after the regulation of this rule takes effect.

Likewise, the intangible nature of these funds is maintained, as happened with the first withdrawal of the funds from the AFPs, this means that they cannot be seized, withheld or subject to discounts, according to the approved opinion.

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