Monday, May 24, 2021

#PERU: Congress Unanimously Overrides Pension Payout Bill Veto

[world politics news]


Peru’s Congress forced through a pension funds drawdown bill that the government had partially vetoed.

The draft legislation, which lawmakers approved by a vote of 109-0, will result in another outflow of savings from the country’s private pension fund (AFP) system.

Under the rules, members can pull out up to 17,600 soles (US$4,600). Those in favor of the plan argued that people need the funds to help mitigate the economic impact of the COVID-19 crisis. 

The economy ministry said it would propose challenging the law in the constitutional court.

[FULL STORY HERE]

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