Congress: They propose to scrap the AFP Act and return 100% of funds to affiliates within a maximum of 6 months.

Congress: They propose to scrap the AFP Act and return 100% of funds to affiliates within a maximum of 6 months.
Congress proposes to repeal the AFP Act and return funding to affiliates. Credit: Compilation Infobae/Andina

Miles Subsidiaries The introduction of the 11 Bills by the Administrators of Pension Funds (AFP) is awaited with great anticipation. CongressRefers to a AFP withdrawal, they are on the way and fruitful in fulfillment. As the new Assembly begins for the 2023-2024 session, Economic CommissionSchedule a debate on these legislative initiatives, chaired by Popular Force Assemblyman Cesar Revilla.

In this context, Congressman America Gonzalo Bench Free Peru Submitted on Friday, September 1, it is Decree Law no. 25897 creating a bill repealing s. Private Pension Fund Management Organisation Compliance by AFP.

Left Congress Bill No. In explaining the reasons for 5795, various problems were mentioned. Subsidiaries of AFPs in the past year.

4 The Economy Minister described the plan to withdraw AFP from UIT as populist. Credit: Compilation Infobae/Andina

One of them is late payment by employers, which has led to 750,000 legal actions. Credit on personal capital accounts exceeding S/22,000 million; This, combined with labor informality, prevents the majority of Peruvians from receiving current and future protection in terms of social security.

In addition, it pointed out that Pension Fund Administrators (AFP) recorded a loss in the profits of their accounts in the first four months of this year, which is estimated to decrease to S/4,346 million. Banking Supervision, Insurance and AFP (SBS).

“At the end of December 2021, the private pension system stood at S/133,310 million, but in April it dropped to S/128,964 million. A decline of 3.26%. With that in mind, thousands of users have reported losses in their retirement funds, sometimes over S/7,000″, the document says.

PL N° 5795 further states AFP They have managed to increase their coffers despite the fact that commissions charged to affiliates, their main source of income, have not grown. AFPs net income for the first quarter was S/142 millionThis represents a 33.9% increase compared to the same period last year (S/106 million). Banking Supervision, Insurance and AFP (SBS).

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Member of Parliament Americo Gonza says that if his legislative action succeeds, it will not incur any cost to the government or violate the principles, rules or principles of fiscal and budgetary discipline.

As established by the Peruvian Liber Bill, the return period shall be made within 6 months. Photo: Andean

“On the contrary, it provides a solution with a great social impact on the personal and family life of contributors, exporters, and contributes to the reactivation of the country’s economy by using their funds for users. Investing in different ways or banking or financial institutions that offer better profits by starting businesses”, the text emphasizes.

The SBS shall, within a maximum period of 90 days from the promulgation of this Act, establish an operational procedure for withdrawal of pension capitalization funds. Subsidiaries.

The period for full return of pension capitalization funds to subsidiaries is maximum within 6 months, after establishment of operational procedure Banking Supervision, Insurance and AFP.

So far this year, 11 proposals have been submitted to the Congressional Economic Commission for Freeing Private Finance. None have been discussed to date, however, according to reports from the new president of the Economic Commission, Cesar Revilla, they will discuss the projects “in a technical way” during his administration.

  • AFP withdrawal up to 4 UIT (S/19,800) – Digna Calle (Podemos Peru)
  • 3 AFP withdrawal up to UIT (S/14,850) – Víctor Cutipa (Perú Bicentenario)
  • 50% return of AFP funds – Elias Avalos (Podemos Peru)
  • 70% refund of AFP funds – Américo Gonza (Peru Libre)
  • AFP Withdrawal of 50% Funding for Home Purchase – Patricia Juarez (Popular Force)
  • 3 UIT (S/14,850) Withdrawal of AFP – Víctor Flores (Popular Force)
  • 5 UIT (S/24,750) AFP Withdrawal – Jaime Quito (Free Peru)
  • 4 UIT (S/19,800) AFP Withdrawal – Guido Bellito (Peru Bicentennial)
  • 25% AFP withdrawal to pay off mortgage backed loans – Melissa Cordova (Avanza País)
  • 100% AFP withdrawal for home purchase – Ilich López (popular act).
  • 4 UIT (S/19,800) AFP Withdrawal – Jose Luna Galvez (Podemos Peru)
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Congressman Jose Luna Galvez, one of the authors who proposed the withdrawal of the new AFP up to 4 UIT (S/19,800), indicated that if the release of AFP funds is not approved, drastic measures should be taken, such as shutting down Parliament. .

“If this bill is not approved, the political class will demonstrate once again that it returns to the needs and demands of the people, and therefore must stay away in the short term. If it does not accept the withdrawal of the 4 ITUs, close the Congress, let everyone go”, he insisted and argued that the benefit would be more than 5 million Peruvians.


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