He Social Welfare Bank (BPS) advise people between the ages of 40 and 49 who are voluntarily affiliated with a Pension Savings Fund Administrator (AFAP) about how the social security reform in Uruguay may affect their future retirements.
The social security reform came into force with its first provisions on August 1, and with the implementation of the new common pension system that reaches all people who develop a paid activity in Uruguay —whether dependent or independent— some questions arise in future retirees, who still have a few more years before agreeing to retire and do not know how the new regulations will affect them.
Given this situation of adaptation to the new retirement regime in the country, the BPS, set up a space for advice for people between the ages of 40 and 49 who are voluntarily affiliated to an AFAP, so that they can understand in greater detail how the new common pension system will affect their retirements in the future.
What does the advice consist of and how to access it?
The advice of bps has the objective of clearing up doubts and providing reliable information to people who will see their retirement plans modified with the full implementation of the social security reformmainly due to the revocation of the article 8 of Law 16,713; that is, the article that allows distribute the pension contribution between the BPS and the AFAP chosen, even in a higher percentage towards the AFAP account.
In this way, what is sought is to facilitate the decision of the worker before the convergence of pension systems that currently exist. The population segment that is between 40 and 49 years old today will be the first to have a greater part of their retirement contributions —if not all of them— in the Common Pension Systemconsidering the transition period of 20 years for this provision of the reform, established by Law 20,130.
Counseling consists of making a simulation of future retirement Based on the information provided by the worker, the bps and the AFAP. In it, it will be reported how the individual savings scheme benefits from the modifications introduced by the social security reform.
Those who are interested in accessing advice may reserve their right until November 30 on the official website, www.bps.gub.uy. The same can be done in the form face-to-face —coordinating an appointment— or in a on-line, once he bps have the tools adjusted to the new regulations to provide you with adequate information. In the meantime, you can book by completing the information requested in the digital form, and the advice will be confirmed by email.
Interested parties must also have the following information: age at the start of their first work activity; years of work to date; years of work in activities with subsidized service; and current salary (including variable remunerations).
Source: Ambito
