LatinNews Daily - 31 March 2021

In brief: Peru’s congress votes to allow further pension withdrawals

* Peru’s congress has voted in favour of allowing individuals affiliated with the privately managed pension fund system (AFP) to make another withdrawal from their pension pots, in order to alleviate the economic hardship caused by the coronavirus (Covid-19) pandemic. All Peruvians with privately managed pensions will be able to withdraw up to PEN$17,600 (US$4,665), and those over the age of 40 who have not made any pension contributions in the last five years will be permitted to withdraw 100% of their pension savings. This is the third such withdrawal permitted since the pandemic began. The latest pension withdrawal bill received cross-party support in the 130-member unicameral national congress, with 84 votes in favour, six against, and 13 abstentions.

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