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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