AFP: Congress proposes new payments from pension funds

Branches of the Administrators of the Pension Fund (AFP) could make new withdrawals upon presentation of two new accounts.

this week congressmen They submitted two legislative proposals that propose a new payment of 3 and 4 UTII from non-state pension funds, but what are these projects about?

Below are the details of these offerings, which will enable the seventh withdrawal for AFP contributors.

Review 3 ITU

This bill proposes a payment of 3 UIT, equivalent to 14,580 S/ private pension funds.

The measure, proposed by Congressman Victor Kutipa, comes in the face of a social and political crisis that is causing economic problems due to falling consumption, demand for goods and services, and job losses.

For output branches they must submit their request remotely, virtually or in person, only once within 90 calendar days of the rule starting.

If the application is approved, then in 30 calendar days up to 1 UTII will be paid.

Removal of 4 UTII

Another draft has also been presented in Congress which proposes to withdraw 4 UIT, equivalent to SGD 19,800, from AFP.

According to Congressman Dign Kalle, the goal of the initiative is to empower members “in an extraordinary and optional manner” Private AFP System withdrawal of funds accumulated on their individual capitalization accounts.

The measure will not apply to those who are eligible for early retirement due to unemployment.

It should be remembered that in both cases the drafts must be considered by committees of the Congress before being submitted to the plenary for discussion and voting.