AFP Withdrawal: Congress presents eighth bill to authorize a new withdrawal of funds

This Monday, May 15, Congressman Guido Bellido (Perú Bicentenario) has presented a bill to extraordinary authorize members of the Private Pension Fund Administration System to voluntarily withdraw their funds accumulated in individual capitalization accounts. (CIC) up to S/19,800 (4 UIT). There are now eight legislative initiatives that have been proposed with the same objective: to authorize a seventh withdrawal of funds.

“The release of this pension fund will make it possible to face economic losses, boost the family or local economy, satisfy the main needs of workers who lost their jobs, face unemployment in homes, accessing health and education services” , is explained in the document.

The PL no. 4992 indicates that the procedure for the withdrawal of this money would be the following: the affiliate submits his request (physical or virtual) within 90 calendar days after the publication and validity of the regulation of the law. The first payment will be S/4,950 (1 UIT) in 30 calendar days after the request is made, from the third installment the disbursement will be up to S/9,900 (2 UIT).

In addition, it is specified that, in the event that the affiliate no longer wishes to make the withdrawal, he will have up to 10 days before the respective disbursement to submit said request to his AFP.

The initiative must go through the evaluation of the Economic Commission before reaching the Plenary for debate and voting. It is important to point out that the president of said working group, Rosangella Barbarán, has affirmed that it is better that the proposals that seek to authorize withdrawals from the AFPs remain on stand-by, since he is concerned that after several of these operations people will be left unprotected at retirement age.