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The Latest News from Latin America
A recent benchmark study shows how Chilean firms are responding to the new APVC (collective voluntary provisional savings) system. In particular, a key finding is that there will not be an immediate widespread adoption of APVC plans, but that acceptance will be gradual.
[December, 2008]
A new law approved on October 19, 2008 reduced the requisite minimum working years to retire in Uruguay. The legislation also introduces special compensation for older retirees, new requirements to obtain disability pensions and special maternity benefits. Most of the changes will become effective in February 2009.
[December, 2008]
In a regulation aimed at tackling money laundering, it has become compulsory for pension funds to register monthly transactions that exceed a certain amount. The regulation was approved on September 2, 2008.
[November, 2008]
A Social Security Assistance Tax on pensions has been approved by Congress, replacing the income tax imposed on pensions in 2007. It raises the non-taxable minimum pension by 60 percent and is expected to reduce the number of pensioners who pay tax from 21.7 percent to 13 percent of total pensioners. This new tax came into effect on July 1, 2008.
[November, 2008]
The proposal to merge Argentina’s two existing pension systems by nationalizing private pension funds has been passed by the Argentine parliament. The law comes into effect on December 15, 2008.
[November, 2008]
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