Insurance companies are working on developing the system that will replace severance pay within the framework of the labor reform and the National Securities Commission (CNV) is also analyzing the relevant regulation.
The National Insurance Superintendency (SSN) works together with the industry in the design of the product that will be offered to workers who opt for the severance fund and that will replace compensation within the framework of the labor reform implemented by the current government, which foresees an optional insurance scheme for different sectors.
The cessation fund It can be savings in a bank account, a financial trust or mutual fundsoptions not yet regulated by the National Securities Commission (CNV) or the Central Bank (BCRA). In the case of insurance companies, the regulator is the SSN, it was learned.
In fact, The CNV is working on the regulations so that the Common Investment Funds (FCI) also enter the new scheme., financial trusts and bank accounts.
For the moment, the insurance chambers, in line with the SSN holder, Guillermo Platethey outlined the basic product guidelines they will offer to workers who choose the system. “It will be a new product but with the DNA of Retirement and Life policies. You will have the option of contributions and rescue,” negotiation sources explained.
The insurance that replaces compensation will be optional
Beyond the generalities of the product conditions may be changed by sector, as established in the agreement. “The employee may or may not adhere to the product. It is totally voluntary,” he added. “The same agreement can enable different systems (whether it is insurance or an FCI, for example) and that the employee chooses between them,” he explained.
And points out that Product conditions may vary according to each collective agreement. and the employee adheres voluntarily. Each agreement will define how the previous years of work are taken.
What does the labor reform say?
The Termination Fund regulated by Congress at the end of last September establishes that Through a collective agreement, the parties may replace the compensation of Law 20,744 with a severance fund.
employers may choose to contract a private system at their own cost in order to settle the compensation provided for in this article and/or the sum freely agreed between the parties in the event of separation by mutual agreement in accordance with article 241 of law 20,744.
In all cases, Companies will be able to self-insure in the system that is defined.
Source: Ambito
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