The Government promotes the Bases Law: it would eliminate pension moratorium

The National Government, headed by Javier Milei, is moving forward with the approval of the Bases Law, which seeks to “substantially modify the Argentine pension system.” The bill obtained a majority opinion in the plenary of committees of the Chamber of Deputies, with 61 signatures, and it is expected to receive half a sanction this Monday. One of the most controversial aspects of the bill is the elimination of the pension moratorium, a mechanism that allowed some 800,000 people “to retire without having completed the required 30 years of contributions.” With the new law, women will no longer be able to start their retirement process at age 60 if they do not meet the contributions, which will delay their retirement from work by five years. Proportional Retirement Benefit: Alternative to the MoratoriumFor those who fail to meet the requirements for years of contributions, the Government proposes the Proportional Retirement Benefit, an “economic assistance for people over 65 years of age who have not completed 30 years of contributions.” According to the text debated in Deputies, the creation of this benefit is proposed for those who “have reached 65 years of age” and do not comply with the contributions required by Law 24,241. Beneficiaries will receive a “minimum credit” established in Law 27,260, provided that they meet the requirements of Article 13 of the same regulation. In addition, the Executive Branch will be responsible for regulating the details of this benefit within a maximum period of 30 days, including the parameters for access to different percentages according to the contributions made to the pension system. The approval of the Bases Law could have an impact on the Argentine retirement system, especially on the way in which women access their retirement and on the conditions for those who do not meet the necessary years of contributions. A debate is expected in the Chamber of Deputies before final approval.

Original source in Spanish