Pension fund withdrawal likely

PERU - In Brief 11 Mar 2024 by Alfredo Thorne
Congress' Economic, Banking, Finance and Financial Intelligence Commission has drafted a new law authorizing a new withdrawal from workers' pension funds. It proposes that those workers that had not been contributors until December 31st, 2023, can withdraw up to 4 Unidades Impositivas Tributarias (UITs, inflation indexed tax units, amounting each to PEN5,150). They can only withdraw a maximum of 95.5% of their fund and the rest is needed to cover their health insurance. Moreover, those workers that have had oncologic treatment, irrespective of being or not contributors, can withdraw 2 additional UITs.  The draft is dated March 13th, 2024. Being initiated by Congress' Economic Commission, the likelihood of its approval in Congress plenary is very high. Will keep you inform Alfredo Thorne

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