LatinNews Daily - 09 September 2021

* The Bolivian government has promulgated a law that allows citizens to make a total or partial withdrawal from their privately held pension funds to help overcome the impact of the coronavirus (Covid-19) pandemic. The law will allow citizens with up to BS100,000 (US$14,503) in their pension savings account to withdraw up to 15% of the total, and those with more than BS100,000 to withdraw a maximum of BS15,000. Citizens aged 50 and over with fewer than BS10,000 in their pension pot will be permitted to withdraw 100% of their pension. The government estimates that the measure will benefit over 1.4m Bolivians, particularly those who have lost their source of income during the pandemic. President Luis Arce has stressed that “the decision to withdraw savings is absolutely personal, so each person must carefully evaluate whether or not it is appropriate. We are happy because the economy is recovering. This law is responsible and does not put the pension system at risk.” The law was one of Arce’s electoral promises, and follows similar pension withdrawal initiatives adopted in Chile and Peru.

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