This October 26 will be the vote in the Senate Constitution Committee.

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Senate Constitution Commission discusses the bill to be put to a vote and move towards becoming law.

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© Agency One.This October 26 will be the vote in the Senate Constitution Committee.

After weeks of discussion, and declarations between the ruling party and the opposition, the processing of the Fourth Withdrawal of 10% faces its decisive phase in parliament. Initially, and after the indications have been previously approved, the Chamber of Deputies approved the project and it was reviewed in the Senate.

Currently, the Constitution Commission analyzes the indications and holds sessions where different exponents present their positions. Such was the case of yesterday’s session, Tuesday, October 12, where Mario Marcel, President of the Central Bank, pointed out that the fourth withdrawal will impact “lower tax collection due to tax exemptions, an abrupt increase in financing costs if the capital outflows, and the significant reduction in economic activity in the medium term “.

Regarding the indications initially approved by the Constitutional Commission of the Chamber of Deputies, these are the collection of the 100% of the funds for people with serious illnesses, a period of up to two years to collect the withdrawal, withholding of alimony debtors and a new advance for annuity pensioners.

What steps are coming now for the Fourth Withdrawal to be approved?

After discussions and reviews of indications in the Constitutional Committee of the Senate Chamber (There was also a session today), it is expected that an agreement will be reached and the project proposals will be voted on in the instance.

This vote is expected to take place on Tuesday, October 26, while the next day will be the general vote in the House, process where they are needed 26 votes between adherents and detractors to be approved and go to a final instance to become law.

And if initially an adverse outlook was expected in the Senate, little by little the parliamentarians seem to have changed their position. As noted Pedro Araya, President of the Constitution Commission, “probably the fourth withdrawal is going to be approved. What remains to be seen is to know under what conditions”.

“We have been talking with different senators in order to create a consensus to have a project that has technical and political feasibility“, closed the head of the instance, making it clear that he will support with his vote the Fourth Retirement of 10% of AFP.

In case the project is unsuccessful in the Senate House vote, a Mixed Commission will analyze the indications and new regulations to vote on them.

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