|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Peru

Peru Law Allows Retirees to Withdraw 95.5% of Pensions in Lump Sum

LIMA – A new law published Thursday in Peru’s official gazette allows contributors to the private pension system to withdraw up to 95.5 percent of the funds in their accounts in one lump sum upon retirement.

The law was approved when lawmakers overrode President Ollanta Humala’s veto by a vote of 84-2 last week.

In addition to allowing new retirees to immediately dissolve their pension accounts, the law also permits first-time home buyers to use 25 percent of the accumulated funds in their AFP pension account at any time as a guarantee for a down payment on a mortgage loan.

The law also authorizes employees who are terminally ill or have been diagnosed with cancer to withdraw their contributions before turning 65.

Humala had vetoed the pension overhaul bill on Jan. 8, saying it would violate international human rights treaties that Peru has ratified.

After Congress overrode the veto last Thursday, Prime Minister Pedro Cateriano said the president was considering whether to challenge the law’s constitutionality on grounds it would deal a “mortal” blow to the nation’s private pension system.

The National Ombud’s Office said last Friday that it did not regard the pension overhaul as unconstitutional but that the matter could be brought before Peru’s Constitutional Court.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2015 © All rights reserved