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The Latest News from Latin America
Employed and independent workers' minimum taxable income for 2008 tax filings has been raised as of January 1, 2008.
[April, 2008]
The government recently approved a number of changes to retirement programs that could broaden coverage for workers. Among them is a provision that will allow employers to offer voluntary savings vehicles (ahorro provisional voluntario or APV) on a group basis, with tax advantages for employees. As a result, this new vehicle could offer employers a significant attraction and retention tool.
[April, 2008]
A new social security system, with components of both traditional defined benefit (DB) pensions and defined contribution (DC) retirement accounts, began operating on January 1, 2008. Employers and employees are paying higher contributions to fund the new system.
[April, 2008]
Employers must withhold more social security contributions from employees’ paychecks according to a presidential decree of February 21, 2008. The decree also sets new maximum and minimum levels for retirement benefits paid by the government.
[March, 2008]
Investment restrictions on pension funds have been loosened, allowing fund administrators to invest up to 40 percent of their assets in local and foreign stock, as well as in private investment funds.
[March, 2008]
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