JUBILATIONS AND PENSIONS

LEY N° 14.499

Do it. Bases for the establishment of assets to retirees and pensioners.

Sanctioned: September 27, 1958

WHY:

The Senate and Chamber of Deputies of the Argentine Nation, assembled in Congress, etc., sanction with force

LEY:

ARTICLE 1 - The provisions of this Act apply to national insurance funds for:

(a) State personnel;

(b) Railway personnel;

(c) Public services;

(d) Banking and insurance;

(e) Journalism;

(f) Navigation;

(g) Trade and civil activities;

(h) Industry;

(i) Rural workers.

ARTICLE 2° - The existence of ordinary retirement shall be equivalent to 82 % mobile, of the monthly remuneration assigned to the position, office or function of which the participant is entitled, at the date of the cessation in the service or at the time of the granting of the benefit, or to the post, office or function of greater rank than he had performed.

To this end, a minimum period of twelve consecutive months will be required to perform in office, office or function. If this period is less or if they do not have a proper relationship with the hierarchy of those performed by the agent in their careers, those who have occupied during the 3 years immediately preceding the cessation of services will be averaging.

Please provide for remuneration the allocation set by the budget or collective labour agreements, plus additional supplements, whatever their concept, provided they are of regular, regular and permanent nature.

For the cases of remuneration established on the basis of commissions, the retirement will be determined by the average of the twelve consecutive months most favorable, for which it would have been provided to the respective box, and the updating of the benefits will be carried out annually through the application of the coefficients due to the cost of living rate obtained by the National Bureau of Statistics and Censuses.

This mobility does not change the benefit regime established by systems more favourable to the affiliate.

The legislators are excluded from these increases, while the current exercise of their mandate lasts.

ARTICLE 3° - The benefits already agreed upon should be updated by the grantor boxes, in accordance with the provisions of the previous article.

ARTICLE 4° - When the resulting retirement is greater than m$n. 5,000.- the surplus of this amount shall be determined subject to the following cumulative scale:

Over $5,000 to $1,000. 7,000: $ 5,000 national currency plus 70% of the excess of m$n. 5,000.

More than m$n. 7,000 to m$n. 9,000: pesos 6,400 national currency plus 50% of the surplus of m$n. 7,000.

M$n. 9,000 ahead: m$n. 7.400 plus 20% of the excess of m$n. 9,000.

When applying the previous scale the amount exceeds m$n. 10,000, for the surplus of that sum only 10% will be computed.

The Executive Power will proceed to adjust this scale, depending on the indexes referred to in Article 2.4°, and with equal periodicity.

ARTICLE 5° - Pensions shall be readjusted and/or granted, as appropriate, in 75% of the benefit to the offender in accordance with the law.

ARTICLE 6 The bonuses and increases on the basic benefits provided prior to the validity of this Act are absorbed by the provisions of this Act.

ARTICLE 7° - From the month of September of 1958, even grow in m$n 900 and m$n. 700, respectively, the current holdings of retirees and pensioners, as advances until the benefits set out in this Act are adjusted.

Beneficiaries who are covered by the provisions of Article 4 of Decree 1958/55, which governs Act No. 14.370, will be increased by more than $n. 450 m$n. 350, respectively.

Retirement resulting from the application of this law may in no case be less than the sum of the benefit and the increase previously provided.

Except for this provision the benefits that have been paid during the year 1958, of bonuses equal to or greater than the increase referred to in this article. If they are inferior, they will only get the benefits of it until they complete the amount of m$n. 900 m$n. 700 respectively.

ARTICLE 8° - Benefits derived from services provided by two or more persons shall be cumulative by the same holder, and the sum of such benefits shall be subject to the scale set out in Article 4°.

ARTICLE 9 The Investment and Accumulation Compensatory Fund, which shall be headed by the National Social Insurance Institute, whose resources shall be made up of the excesses of the national insurance funds listed in Article 1 after payment of the benefits ordered by their respective regimes and the administrative costs thereof.

These surpluses shall be transferred by the boxes to the Compensatory Fund established by this article.

ARTICLE 10. - The Investment and Accumulation Compensatory Fund shall be applied for the purposes set below, and in accordance with the following order of priority:

(a) To compensate for the deficits in the boxes listed in Article 1;

(b) To finance investments to increase energy, fuel and steel production;

(c) To improve and expand transport and road systems, and to develop other critical reproductive programmes for national economic expansion.

In the cases of subparagraphs (b) and (c), amortization should be made in the medium term and the investment guaranteed by the Nation in terms of minimum returns and the return of capital.

ARTICLE 11. - A provision to finance the investment and credit scheme of the Directorate-General for Personal Loans and Real Guarantee will be included in the General Budget of the Administration by the National Social Security Institute. The amount of the same in no case may be less than the previous immediate period.

ARTICLE 12. - As of 1 October 1958, the bank credit institutions and the country ' s Public Trade Registers shall require employers, prior to the granting of credit or registration of transfer, dissolution or liquidation of trade funds, on the grounds that they do not owe to the national insurance funds in which they are registered, any amount for contributions and/or contributions, or that they have received payment in arrears, except for the loan.

The national insurance funds shall grant the necessary certificate, within 15 days of having been requested, except in the event that they have an impediment to this, in which they shall submit record of the fact, with which the bank institution or the registry shall proceed to the management. This record will be valid for 6 months.

The record referred to in the preceding paragraph, except in the case of registration of transfer, dissolution or liquidation of funds of trade, may be replaced by an affidavit by employers on the absence of such debts, intervened by the respective Fund in evidence that it has received the corresponding copy for the purposes of subsequent verifications of the case. The documented proof of the falseness of such affidavits will be sufficient cause for the respective National Provident Fund to request the bank institution to cancel the agreed credit, which is obliged to proceed accordingly. This affidavit will also be valid for 6 months.

ARTICLE 13. - National insurance funds may agree on payment regimes with employers, including through official, national and provincial banks, through joint operations or through bank debt consolidation operations. To that end, the Banco de la Nación Argentina and the Banco Industrial de la República Argentina are authorized.

ARTICLE 14. - Until a comprehensive and permanent system is instituted, the Treasury Secretariat, through the Tax General Directorate, shall provide that the inspectors of the Treasury, in carrying out the inspections of the taxpayers, shall proceed to the consortment of the performance of the taxpayers, of their obligations to the national insurance funds, and shall check the arrears in the payment of contributions and/or contributions, the Directorate shall inform the National Social Insurance Institute.

ARTICLE 15. - For the purposes assigned to it by this law, the National Institute for Social Security will function as an autonomous entity with legal personality and financial individuality.

ARTICLE 16. - The Executive Power shall regulate this law within a term not exceeding 90 days.

The national insurance funds covered by this Act shall make the adjustments ordered by it within 6 months of its regulation. To this end, they are authorized to make, in accordance with the manner available to their respective authorities, the expenses that demand the fulfillment of this law, including remuneration for extraordinary tasks, with charge to it.

ARTICLE 17. - The retirement of the participant who contributes to one or more boxes simultaneously on the basis of two or more charges, will be equal to the sum of the same subject to the scale of Article 4°, having to opt for the box where the retirement benefit will be awarded. To enjoy this benefit, the agent must have performed at least five years of continuous services simultaneously.

ARTICLE 18. - Retired persons who have returned to service shall cease to receive their respective benefits. If the performance includes a minimum period of 5 years, and in its remuneration the retirement discounts have been applied to it, they may be withdrawn upon request for the reliquidation of their retirement, in accordance with the provisions of this law. This settlement will be made by the box that first granted the benefit, the one that must claim from which he received the retirement contributions, the refund of them.

ARTICLE 19. - They do not understand these increases to those who have an income greater than two hundred and fifty thousand pesos a year. Those in these conditions manage or accept the increase without denouncing their rent will lose the current retirement.

ARTICLE 20. - Increase in 1 % (one percent) the contribution of affiliates to the bottom of the boxes listed in Article 1.

ARTICLE 21. - Default all provisions that are contrary to the present.

ARTICLE 22. - Contact the Executive.

Given in the meeting room of the Argentine Congress in Buenos Aires, September 27, 1958.

B. GUZMAN J. R. DECAVI

Luis A. Viscay Eduardo T. Oliver

Registered under No. 14.499

Adopted by the Executive Branch, pursuant to article 70 of the National Constitution.