Economy Commission President: Congress to Expand AFP Withdrawal by Up to 4 UIT

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News Team

The president of the Congressional Economy Commission has announced that his working group is considering proposals for a new withdrawal of AFP funds of up to 4 UIT. This would be equivalent to a value of S/20,600 in 2024. The reform of the pension system is being evaluated by the parliamentary working group, which aims to include an AFP retirement project of up to 4 UIT.

The Economy Commission has prepared a comprehensive reform of the pension system in Peru, which proposes a structure under four pillars: non-contributory, semi-contributory, contributory, and solidarity. The possibility of AFP withdrawal of only up to 2 UIT is included in the text, as well as the exclusion of other projects that propose withdrawals of up to 5 UIT. If approved, only members of the Private Pension System who do not have pension contributions for six continuous months until November 31, 2023, could access it.

The president of the Congressional Economic Commission has also mentioned the possibility of approving an extension of releasing the Compensation of Time for Services (CTS) as economic support for workers. Workers had until December 31, 2023, to use 100% of their CTS funds, according to the law published in 2022.

Congresswoman Digna Calle from the Podemos Peru bench has sent a letter to the president of the Congressional Economic Commission, César Revilla, to call an extraordinary session with the sole purpose of debating a new withdrawal from the Pension Fund Administrators (AFP). The request is for a seventh optional withdrawal of up to 4 UIT, equivalent to S/20,600.

During 2023, this project along with around twenty requests were “archived” because they did not receive enough votes for it to be discussed within the legislative plenary session. Calle Lobatón presented the necessary arguments to be able to carry out her request “considering the economic crisis” in which Peru is immersed for the benefit of Peruvian families facing recession.

She proposes that the extraordinary session of the Economy Commission be held this week. “I urge you once again to prioritize the defense of the interests of the contributors and please call an extraordinary session during this week from February 12 to 16, where the only item on the agenda is the optional withdrawal of up to an amount of 4 ITU,” he noted.

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