Important debate about withdrawing contributions from the Pension Fund Administrators (AFP) in Congress

The Economy, Banking, Finance, and Financial Intelligence Commission of the Congress will be the scene of an important debate this Wednesday, March 13, regarding a new formula that seeks to allow the withdrawal of contributions to the AFPs. According to the preliminary draft presented, contributors who meet certain requirements will be able to withdraw up to four tax units (UIT) from the total of their accumulated funds in these institutions. The proposal establishes that individuals who have not made contributions to the pension account in the last six consecutive months until November 31st will be able to access this benefit. This exceptional measure aims to provide an alternative to those who, due to different circumstances, have been unable to maintain their pension contributions regularly. It is important to highlight that the regulation will not apply to individuals who qualify to access the Early Retirement Regime due to Unemployment, which aims to guarantee the protection of the rights acquired by those in that specific situation. In the final complementary provisions of the initiative, the scope and conditions for the application of this exceptional measure are clearly established. It is indicated that it will be an optional possibility for those affiliated with the Private Pension Fund Administration System who meet the established criteria. This new approach regarding the withdrawal of contributions to the AFPs will undoubtedly be the subject of intense discussions in the Economy Commission, as it involves fundamental aspects related to the security and financial stability of contributors, as well as the function and regulation of the institutions responsible for the administration of pension funds. The outcome of this debate will be crucial in defining the direction of policies related to the pension system in the country, as well as in determining the balance between the protection of individual savings and the generation of mechanisms that allow citizens to effectively face adverse economic situations.