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Upon reaching the age of 65, members of the private pension system have two main retirement options: access to a monthly pension for a fixed or programmed period, or withdraw 95.5% of their AFP fund.
According to the latest figures from the Banking, Insurance and AFP (SBS), most affiliates of the system prefer to choose the second option and avoid retirement.
Over the past years, a total of 474,198 branches have opted to withdraw 95.5% of their AFP funds, while only 74,641 opted for an old-age pension which averages S$1,300.
As you know, in this modality, affiliates withdraw most of the money from their fund, remaining in AFP only 4.5% of the amount due in EsSalud, which makes the pensioner eligible for health benefits.
From May 2016 to January 2023, it is estimated that S$46,425 million has been withdrawn by this retirement method for those who have legally retired at age 65, as well as for those who have agreed to early retirement.
At present, most of the people who withdrawal 95.5% retired early under the Special Early Retirement Arrangement (REJA), as about 7 out of 10 of these affiliates opted to pay their fund almost in full.
Only 26%, or almost three out of 10 affiliates who opted for 95.5% withdrawals, did so when they were 65 years of age or older.
Conclusions on housing
SBS also indicates that until last year, a total of 114,720 members AFP funds they have withdrawn 25% of their bills for a down payment on a first home or to pay off a mortgage.
In total, 64% of the funds withdrawn in these cases went to depreciation, while 36% was used as a down payment.
branches they have withdrawn about S$3,418 million for this purpose, with S$29,790 being the average amount they could use to finance their home.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.