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They publish a law that creates minimum pensions and promotes voluntary contributions in the AFPs

They publish a law that creates minimum pensions and promotes voluntary contributions in the AFPs

Congress published this Friday, January 13, Law 31670, which creates minimum pensions and promotes alternative voluntary contributions in the AFPs.

This regulation will allow AFP affiliates to set a savings goal for their retirement in their Individual Capitalization Account (CIC)a criterion that is optional for each contributor and that does not deprive them of the right to take advantage of benefits already existing in the Private Pension System or other current laws.

Said minimum pension is decided by the contributor, although the amount must not be less than the Basic Consumer Basket (CBC) of the INEI.

A) Yes, the minimum retirement balance will be made up of the mandatory and voluntary contributions of the worker in his CIC and the profitability generated by his AFP.

Once the minimum balance for the affiliate’s retirement is reached, he may transfer the surplus from his account to his voluntary contribution account with no pension purpose and even issue negotiable guarantees for an amount equivalent to the surplus of his CIC for two years from its broadcast.

ā€œThis law seeks to create a better pension culture through the determination of goals with a view to a retirement with a minimum pension and promoting alternatives for the voluntary contributions of affiliates to the Private Pension Systemcharged to the refund of fourth and fifth category income tax, or refund of any other tax or balance in favor in the name of the member”, reads the rule published in El Peruano.

It is worth noting that the Legislature formalized this regulation approved months ago when the constitutional term expired for the Presidency of the Republic to promulgate it.

The MEF has up to 90 days to regulate this law.

Source: Larepublica

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