Just as it was done in the year that the pandemic began (2020), this 2022 could modify the forms of withdrawal of AFP in Peru. This initiative is part of the debate of the Congressional Committee on Economics. However, given the possibility of its materialization, the Ministry of Economy (MEF) and the Central Reserve Bank ( BCR) have given their opinion on the risks they could entail.
There are two options that are contemplated with the approval of this measure: one is to allow the withdrawal of up to S/18,400 (4ITU) and the other for 100 per cent of the amount saved in your personal fund. These are the alternatives that cause the greatest concern, since they could have consequences for the country's economy.
“As withdrawals increase, AFPs need to sell less liquid assets and that could have a significant impact on prices,” said Deputy Minister of Economy Álex Contreras.
In addition, he said that the current context has a new outlook thanks to the progress that has been made in vaccination and recovery of investment, so the scenario is not the same as in 2020 and would not be necessary, at present.
AFP 2022 RETURN
There are several proposals that are worrying for experts, but the one that stands out the most is the one that Peru Libre supports, which is responsible for drafting Bill No. 00929/2021-CR, which mentions that 100% of AFP savings should be withdrawn within a maximum period of 30 calendar days from the formalization of the norm.
“Investors will see that Peruvian bonds will reduce their value, a significant part of them are foreigners and they will sell (the bonds) in soles, to buy dollars and take those funds. There is a risk of impact on the dollar and inflation,” Adrián Armas tells El Comercio, central manager of Economic Studies at the BCR, who emphasizes that this measure could be inflationary and could also affect the exchange rate.
For her part, the congressman of Podemos Peru (PP), Dina Calle, has proposed the optional withdrawal of funds from the Individual Capital Account (CIC) ) for a total amount to S/18 400 within a maximum period of 90 calendar days. It would be two withdrawals of S/4600 each a third of S/9200.
Finally, José Luna (PP) suggested a withdrawal from 4ITU for those affiliates who have not contributed at least three months prior to the publication of the standard, and 2 ITU for those who work today or do so intermittently, with regular contributions.
SBS WARNS OF POSSIBLE CHANGES
The Superintendency of Banking, Insurance and AFP (SBS) commented that if the aforementioned bills were approved, there would be between 22,011 million and 77,869 million soles of the AFP pension funds.
For his part, the deputy superintendent of SBS AFP, Elio Sánchez, indicated that these proposals could dramatically reduce current retirement savings, further aggravating the problem of low pensions. In addition, this could generate distortions in the economy.
Likewise, those who make early withdrawals the most, according to Sánchez, have been young members; while those over 35, reduce their future pension by 35% to 36% when making early withdrawals, he estimated.
These are projects that have been arranged, but they remain to be discussed by the Economy Committee of the Congress of the Republic. Initially, a session had been convened for this debate on Tuesday, 5 April. However, it was postponed until next date.
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