AFP 2023: what is missing for the bill on a new withdrawal of up to S / 19,800 to materialize?

Great expectation has caused in the members of the Private Pension Fund Administration System (AFP) the possible withdrawal of their individual funds after the legislative projects presented in the Congress of the republic. One of the most famous is the legislative initiative of parliamentarian Digna Calle, from we can peru, who proposes a withdrawal of up to 4 UIT, which is equivalent to S/19,800. However, in this note we tell you what steps are missing to make this return of funds and how much would be the delivery of the first armada.

Let’s remember that, If this proposal is approved, it would be the seventh withdrawal of the AFPs since the pandemic began in 2020. According to the bill (PL), this measure would benefit more than 8.6 million members of the AFP. For this reason, the legislator of Podemos Peru asked the Economy Commissionchaired by Rosángella Barbarán, discuss and approve the proposal with “urgency character” before the end of the first ordinary legislature of the annual period of sessions 2022-2023.

Despite the unsuccessful attempts of some congressmen such as Flower Paul, who asked the president of the Legislative Branch for an extension of the legislature, it was not approved. What does it imply? That, for example, the debate on the bill for the withdrawal of the AFPs be resumed in March, when the next legislature begins.

AFP Retirement 2023: what is missing to be approved?

This is one of the biggest questions for affiliates, who want to see their savings deposited in the AFPs in their accounts. Before I go to Plenary of Congress, Parliamentarian Digna Calle’s request needs to be debated and approved in the Economy Commission. In addition, the initiative must be analyzed by the Work Commission, which is chaired by the legislator Sigrid Bazánwhose management group could make some adjustments to the legislative proposal.

If both ruling commissions have the green light, the PL that authorizes the withdrawal of up to S/19,800 would only go to the plenary session of the Congress for their respective discussion and approval.

In this way, legislators will have the last word through their vote. If approved, it remains in the hands of the Executive for its respective observation or promulgation in the Official Gazette El Peruano.

How much would the first deposit of the AFP 2023 be?

According to the slogan of the Calle Lobatón project, the delivery of weapons would be as follows:

• First disbursement of up to 1 UIT (S/4,950): within a maximum period of 30 calendar days, computed from the date the application was submitted to the AFP.
• Second disbursement of up to 1 UIT (S/4,950): within a maximum period of 30 calendar days, computed from the first disbursement made by the AFP.
• Third disbursement for the remainder of the Requested amount of up to 2 UIT (S/9,900): within a maximum period of 30 calendar days, computed from the second disbursement made by the AFP.

What is the position of the AFP?

In conversation with LR + Economía, program of the The Republic newspaperthe general manager of AFP Integra, Aldo Ferriniexpressed his strong opposition to the legislative projects that propose an eventual withdrawal of affiliate funds.

“I hope they don’t get the green light. Talking about a seventh extraordinary withdrawal is contradictory, especially in a context in which we are no longer in a pandemic crisis, which happens once every 100 years. Today the argument is the political crisis, and that congressmen should not forget that this is a political crisis and does not warrant a withdrawal of funds,” he said.

It should be noted that the withdrawal of funds will maintain the condition of intangible. In other words, it cannot be subject to a discount, legal or contractual compensation, embargo, withholding or any form of affectation, be it due to court order and/or administrative, regardless of the account in which they have been deposited. It also does not apply to judicial withholdings or conventional derived from alimony debts up to a maximum of 30% of the amount withdrawn.

Likewise, if this proposal is approved, it would not be applicable to those who qualify to access the Early Retirement Regime due to unemployment.