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What is the withdrawal rule for the Funds?

The ESSF resources can be used at any time with a view to supplementing the funds necessary to finance the public expenditure in case of fiscal deficit. In addition, it could be used for the amortization, regular or extraordinary, of public debt and also for funding the PRF when the Minister of Finance decides so.

The resources of the PRF can only be used according to the objectives for which the fund was created, that is, to complement the financing of fiscal liabilities associated with Solidarity Pillar of the 2008 pension reform. Currently, annual withdrawals from the fund could reach up to an amount equivalent to one third of the difference between the corresponding fiscal expenditure associated with the Solidarity Pillar that year and that expenditure in 2008, adjusted for inflation.

After September 2021, the PRF will no longer exist if withdrawals to be made in a calendar year do not exceed 5% of the sum of the expenditures related to the state guarantee for old-age and disability solidarity pensions benefits, and the solidarity pension contribution determined by the Budget Law of said year.

Withdrawals and contributions from the ESSF and the PRF are formalized by Ministry of finance decrees.

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