A day after the warning from the International Monetary Fund (IMF) on the moratorium on pensions, the government has launched the measure that allows you to cancel the debt to retire.

“Sudden”the word that aroused the wrath of La Cámpora was the adjective used by the IMF to speak of the approval of the law on the moratorium on pensions.

The moratorium was one of the stumbling blocks that complicated the negotiations between the Government and the Fund, and forced new fiscal projections. This “unforeseen” decision, according to the IMF staff, promoted by Kirchnerism, will require “early measures” to guarantee the reduction of the primary deficit from 2.3% to 1.9% of GDP.

In this sense, the IMF said in a statement on Monday evening the need to meet the possible cost of the pension moratorium: “Prompt and determined steps will be taken to sustainably address the fiscal costs of the unexpected passage of the pension moratorium to secure fiscal targets for this year and beyond.”

The promulgation of the law 27.705 sanctioned by Congress weeks ago has been embodied in decree 132/2023, published this Tuesday in the Official Gazette. The initiative bears the signatures of President Alberto Fernández; the Chief of Staff, Agustín Rossi; and the Minister of Labor, Raquel “Kelly” Olmos.

Pensions moratorium: how the initiative is promulgated this Tuesday

Almost 15 days ago, the Chamber of Deputies converted the pension moratorium project into law, which has already had the approval of the Senators. The opposition criticized the project for considering it “a patch that does not solve the problems of the pension system”.

The new law contemplates two variants to allow for the retirement of people who until now did not have the necessary contributions or years of blank work.

The first mode includes people who have reached retirement age (60 for women, 65 for men), that they don’t have or won’t have 30 years of contributions start the retirement process in the next 2 years.

The second variant is foreseen women over 50 and under 60 and men over 55 and under 65 they already know they will not be able to complete their contributions when they reach retirement age.

In the first caseare authorized to regularize the missing periods up to the month of December 2008 (included) by applying an installment payment method which will be deducted directly from the pension credit they obtain. The number of installments can reach up to 120, according to the conditions established by the law.

The installments to be paid for the monthly installments to be regularized will be calculated on the basis of the announcement “Retirement Debt Payment Unit”, the value of which will be equal to 29% of the minimum tax base of wages in force on the date of request for the pension benefit. For example, you can pay one or more installments per month, according to the chosen payment plan.

But that quota that will be paid “will be used” only to access the pension. It will not affect your creditwhich will be calculated on the basis of the contributions actually paid without a moratorium.

In other words, who retires with the moratorium will have a “discount” on your pension because you will only receive the years paid and you will also have a credit discount on the fee during the months or years that the moratorium lasts.

According to official data, this moratorium would allow access to the pension to about 800,000 men and women.

THE second variant It is aimed at women over 50 and under 60 and men over 55 and under 65 who, having only a few years of contributions, already They know they won’t make it to 30. when they reach retirement age.

This mechanism can be used by those who demonstrate income such as to justify the payment of the debt deriving from the “Contribution cancellation unit” for periods prior to 31 March 2012. The value of this cancellation unit (UCDP) is also equal to 29% of the minimum basic fee. This amount will be adjusted due to mobility.

NS