LAW NO. 20,328 PERFECTS THE COMPULSORY INSURANCE OF CESANTIA AND INTRODUCES CHANGES TO OTHER LEGAL NORMS Having present that the National Congress has given its approval to the following Bill: " Article 1 °.-Enter the following |! |amendments in law No. 19,728, which established the |! | Mandatory Insurance of Cesantia: 1) Repeal article 3 °. 2) Enter the following modifications in the |! |article 5 °: a) Add in point (a) of your first indent, a |! |continuation of the word "worker", the following: |! | "with contract of indefinite duration". (b) Intercalase in point (b) of its first indent |! |below the words "remunerations |! |taxable," the following sentence: " in the case of the |! |workers with an indefinite duration contract and 3% |! |of taxable remuneration for workers |! |with fixed term contract, or by work, job or |! |determined service. Both, ". c) Intercalase the following second indent, |! |passing the current incissos second and third, to be |! |third and fourth, respectively:" With everything, if the fixed term contract is there |! |transformed into contract of duration indefinite, the |! |worker will be affected by the listed quote in the |! |letter a) and the employer to the one set in the letter b) |! |of this article for contracts of duration |! |indefinite, to count of the date on which it is |! |produced such transformation, or to count of the day |! |following the expiration of the period of fifteen months to |! |that alludes the N ° 4 of the article 159 of the Code of the |! | Work, as appropriate. "d) Replace in its final paragraph the expression |! |" fifteen "by the word" ten "and replace in the same |! |phrase, the period (.) by a comma (,) adding the |! |next sentence" the which will increase in three days in the |! |cases in which this communication is effected by way |! |electronics. " 3) Enter the following modifications in the |! |article 6 °: a) Add following the end point (.) that |! |happens to be followed, the following sentence: " Tope is |! |readjust annually according to the variation of the |! | Real Remuneration Index determined by the |! | National Institute of Statistics or the Index that |! |replace, between November of the preceding year and |! |November of the preceding year to which you will start |! |apply the reset. The taxable amount thus readjusted, |! |will start to run on the first day of each year. "b) Add the following second indent:" However, the taxable cap will be reset |! |whenever the variation of the above mentioned Index is |! |positive. If it is negative, the stop will keep its value |! |current in Fomento Units and will only be reset in |! |the opportunity in which a positive variation occurs |! |that corresponds by application of the provisions in the |! |paragraph first. " 4) Introduce the following changes in the |! |article 9 °: (a) In its first indent, the phrase "of the worker's taxable income" shall be replaced by the following: " and 2.8% of the taxable remuneration of the worker of the |! |indefinite term contract and fixed term contract, |! |or for work, work or determined service, |! |respectively ". b) Add the following final paragraph to your paragraph |! |second: "However, the listing charge of the |! |employer intended for the Solidarity Fund, |! |must be learned as long as the |! |employment relationship remains in force." 5) Intercalase the next seventh indent new to the |! |article 10, passing the current one to the eighth indent: " In case of not making the statement to which it is |! |refers to the fifth indent within the period that |! |corresponds, the employer will have until the last day |! month after the expiration of that, |! |to accredit to the Administrative Society the |! |extinction of your obligation to enter the quotes |! |of the worker, due to the term or suspension of the |! |employment relationship they maintained. In turn, the Society |! | Administrator must exhaust the procedures they have |! |to clarify the existence of unpaid quotes |! |and, if necessary, obtain the payment of those according to |! |the rules of general character that the |! | Superintendence. After the period of accreditation |! |of cessation or suspension of the employment relationship, without being |! |has accredited such circumstance, it will be presumed only |! |for the effects of this article and the beginning of the |! provisions of the |! |article 11, which the respective quotations are |! |declared and not paid. " 6) Introduces in Article 12 the |! |following modifications: (a) In point (a) above, the words ", with |! except for the causes N ° 4 or N ° 5 of Article 159 |! |of the same Code." (b) Intercalase in point (b), between the words |! | "Que" and "register" the following sentence: " the worker |! ". (c) The following points (c) and (d) are added: " (c) In the case of a worker with a term contract |! fixed or per work, work or service determined, he/she shall be required to record in the Individual Account by Cesantia minimum |! |of 6 monthly contributions continuous or discontinuous, |! |from your affiliation to the Insurance or from the date on which it is |! |accrual the last twist to which you would have been entitled |! |according to this law, and d) To be terminated at the time of the application |! |of the benefit. " 7) Suprimense in article 14 the expressions "and |! | 4" and the comma (,) that follows the number "1". Also |! |interleave between the numbers "1" and "2" the conjunction |! | "y". 8) Reposition in article 15, the incissos |! |first to the fifth for the following: " Set the next mode of withdrawal of |! |funds from the Individual Account by Cesantia: Treating of workers who cease their relationship |! |work by some of the causals mentioned in the |! |numbers 4, 5 and 6 of article 159 and in article 161 |! |of the Labor Code, they will be entitled to perform |! |so many monthly turns of their Individual Account by |! | Cesantia as their balance of that Account allow |! |finance, according to the percentages expressed in the |! |second column of the table set to the |! |next. The amount of the benefit by default during the |! |months indicated in the first column, |! |will correspond to the percentage indicated in the second |! |column, which refers to the average of the |! |wages accrued by the worker in the |! |last 12 months, in which quotes are registered |! |before the end of the employment relationship for |! |those who are hired with duration |! |indefinite. Dealing with contract workers to |! |fixed term or by work, work or service is |! |will consider the average of the paid salaries |! |by him in the last 6 months in which they are registered |! |quotes before the term of the relationship |! |work. Months Percentage average remuneration last 6 or 12 months of contributions as appropriate First 50% Second 45% Third 40% Fourth 35% Fifth 30% Sixth 25% Seventh or Higher 20% The last month of benefit to which you are entitled |! |worker may be less than the percentage indicated in |! |the preceding table and shall correspond to the outstanding balance |! |of the Individual Account by Cesantia. "9) Replace Article 16, by the following:" Article 16.-The benefit of the benefit referred to in |! Articles 14 and 15, will be interrupted each time you are |! |lose the condition of ceasing before running out the |! all of the spins to which you are entitled. Those workers who have finished a |! |employment relationship keep another current, and those |! |workers who having finished a relationship of |! |work, be hired in a new job before |! |exhausting all the spins of your Account |! | Individual by Cesantia to which you are entitled, you will have |! |the following options: a) Withdraw the amount corresponding to the benefit |! |that you had been entitled to in that month, in the case of |! |having remained unemployed. (b) Maintain such balance in the account. In both cases, the worker will keep for a |! |upcoming period of cessation the unused balance in your |! |account. The balance held in the respective account |! | Individual by Cesantia, increased with the |! |subsequent quotes, will be the new calculation basis |! |of the benefit. " 10) Add in article 19 the following |! |incissos second and third new: " The workers who are processing their |! |pension application will be able to pass part or the total |! |of the balance of their Individual Account by Cesantia to their |! |account of individual capitalization that keeps in a |! | Administrator of Pension funds, with the object of |! |raise capital to fund your pension. In this |! |case, for the purposes of applying the tax |! |set in article 43 of the Tax Act to the |! | Income, the transferred resources must be registered |! |separately by the Administrator of Funds of |! | Pensions with object To lower the amount resulting from |! |apply to the pension the percentage that in the total of the |! |fund for the pension represent the resources |! |transferred. The Managing Society must inform the |! | Internal Revenue Service the transfers of the |! |funds that are made in accordance with the paragraph |! |above, in the form and period determined by the said |! | Service. " 11) first of the article |! | 20, the expression "by default" by the phrase "with charge |! |to the Individual Account of Cesantia or to the Fund of |! | Cesantia Solidario". 12) Defeat the Paragraph 4 °, with its articles 21 and |! | 22. 13) Replaced in Article 23, the phrase "0,8% |! |of taxable remuneration" for the following: " 0,8% and 0,2% of the taxable remuneration of the |! |indefinite term contract and contract worker |! |term, or for a work, work or service |! |determined, res pectively. ' 14) Replace the letters a) and b) of article 24 |! |by the following: " a) Register 12 monthly contributions in the Fund |! |from Cesantia Solidario from your affiliation to Insurance or |! |since the last turn was written to have you |! |had right under this law, in the last 24 |! |previous months counted to the month of the term of the |! |contract. However, the last three quotes |! |made must be continuous and with the same employer. (b) that the employment contract is terminated by any of the |! |the causals provided for in numbers 4, 5 and 6 of the |! |article 159 or article 161, both of the Code of the |! | Work. " 15) Introduces in Article 25, the following |! |modifications: a) Reposition in its first paragraph the word |! | "dismissal" by the expression "term of the relationship |! |work", and replace the table contained in it by the |! |following: Months Percentage Higher Value Lower Value Average Remuneration Last 12 Months First 50% $190,000 $88,000 Second 45% $171,000 $73,000 Third 40% $152,000 $64,000 Fourth 35% $133,000 $56,000 Fifth 30% $114,000 $48,000 b) Intercalse the following incissos second, |! |third and fourth new, passing current ones to be |! |fifth, sixth and seventh: " In the case of contract workers |! |fixed, or for a given work, job or service, |! |the benefit by default referred to this |! |article will extend until the second month, with the |! |percentages and values above and below marked |! |for the fourth and fifth months in the table set |! |in the previous paragraph. Those beneficiaries who are perceiving the |! |fifth spin from the Solidarity Cesantia Fund |! |will be entitled to a sixth and seventh turn of benefit, |! |each time the national unemployment rate posted by |! |the National Institute of Statistics exceed in 1 point |! |percentage the average of that rate, corresponding to |! |the previous four years published by that Institute, |! |that will be paid according to the following table: MONTHS PERCENTAGE VALUE VALUE AVERAGE UPPER LOWER REMUNERATION LAST 12 MONTHS SIXTH 25% $95,000.-$40,000.-SEVENTH 25% $95,000.-$40,000.- In the case of contract workers |! |fixed, or for a given work, work or service, |! |when the unemployment conditions are presented |! |marked in the previous paragraph and are found |! |perceiving the second spin, they will have The right to a third |! |and fourth spin, with a benefit equal to the corresponding |! |the sixth and seventh month that points the table of the paragraph |! |third of this article, respectively. " c) Modifies the current second indent, which has |! |passed to be sub-paragraph fifth, as follows: i) Replace the words "the preceding paragraph", |! |by the following: "the first and third incites". (ii) Add following the separate point, which |! |happens to be followed, the following sentence: " In addition, these lower and higher values are |! |readjust at the same opportunity indicated above, in |! |100% of the variation you have experienced in the year |! |previous calendar, the Real Remuneration Index |! |determined by the aforementioned Institute. These values |! |will be adjusted by the rate of remuneration before |! |indicated, provided that their variation is positive. "16) Add the following article 25a new:" Article 25a.-The Fund of the Solidarity Cesantia |! |may finance Learn programs to facilitate the |! |reinsertion of the unemployed persons who are |! |perceiving the benefits mentioned in the article |! |above and having a low employability index. |! | The National Training and Employment Service |! |manage and audit the mentioned programs |! |funded with such Fund, without prejudice to the |! |faculties of the Superintendence of Pensions in |! |relation to the audit to the Sociedad |! | Administrator regarding the administration of the Fund |! |de Cesantia Solidario. In the month of January of each year, a |! |through a decree "By order of the President of the |! | Republic" issued by the Ministry of Finance and that |! |in addition must be subscribed by the Minister of Labor and |! | Social Security, will be fixed This will be provided and the total amount of resources mentioned |! | Fund may be used to finance the services |! |above mentioned that are awarded in that year, considering |! |the sustainability of said Fund. All in all, the |! |resources that go to those programs will not be able to |! |exceed, for each calendar year, 2% of the total balance |! |of the Solidarity Cesantia Fund that registers the year |! |previous. A regulation dictated by the Ministry of Labor |! |and Social Security and subscribed by the Minister of |! | Hacienda, will establish the requirements that must comply |! |the beneficiaries mentioned above for each program and |! |the way to credit them; the procedures of |! |grant of benefits; the criteria of |! |eligibility of program beneficiaries; the |! |benefits of term benefits; the procedure |! |information to the Insurance Users Commission of |! | Cesantia on the evaluation of the programmes; the |! |compatibilities and incompatibilities with the benefits |! |that it contemplates the law N ° 19.518; the conditions of |! |character objective that they will have to gather the |! |technical instruments that will determine the index of |! |employability, which will consider, among others, the |! work, and any other rules that are |! |necessary for the implementation of the programmes. The programs mentioned in the first indent will be |! |executed by the Labour Information Offices of the |! |article 73 of Law No. 19.518 and by entities |! |private, which comply with the requirements that you establish |! |the regulation. ". 17) Article 28 the following paragraph |! |new third: "Likewise, there shall be no right to the |! |benefits of this paragraph or shall cease the granted, |! |if the ceasing is not registered on the National Stock Exchange |! | Employment." 18) Add to the end of the paragraph fourth of the |! |article 30, the following paragraph: " The referred |! |commissions shall be exempt from the Value Tax |! | Attaché, set out in Title II of Decree Law N ° |! | 825, 1974. " 19) Add, in the final sentence of the second paragraph |! |of article 34, replacing the endpoint (.) with a |! |comma (,) the following sentence: "and for the realization of |! |technical studies by the |! | Superintendence." 20) the following articles, a |! |continuation of the current article 34: " Article 34 A.-For the development of the studies |! |technical character of the previous article, the |! | Superintendence may require the information of the |! | Database refers to that article that is |! |necessary for the fulfillment of the objectives |! |established in the and in order to exercise control and |! |control in the matters of your competence, |! |being able to perform the processing of personal data that |! |this Base contains. The staff of the Superintendence must keep |! |absolute reservation and secret of the information of the |! |which takes knowledge in the fulfillment of its |! |functions without prejudice to the information and |! |certifications that must provide according to |! |the law. Article 34 B.-The Subsecretariats of Finance and |! |of the Work and the Directorate of Budgets, will be |! |authorized to demand the personal data contained |! |in the Database referred to in article 34 and the |! necessary for the exercise of their |! |functions to the Managing Society of |! | Cesantia Funds. In such case, the processing and use of the data |! |personal that the aforementioned organisms carry out |! |will remain within the scope of control and control of |! |such services. The public agencies mentioned above and their |! |staff will be required to save absolute reservation and secrecy of |! |the information that they take knowledge and refrain from |! |use such information in their own benefit or |! |third parties. For the purposes of the provisions of the article 125 of Law No. 18,834, the text of which |! |recast, coordinated and systematized was fixed by the |! |decree with force of law No. 29, 2005, of the Ministry |! |of the Treasury, it will be estimated that the facts that you set up |! |violations of this provision violate the |! |principle of administrative probity, without prejudice to |! |the other sanctions and responsibilities that proceed. |! | Also, the established penalties will be applied |! |in the sixth paragraph of article 34 of this law. Article 34 C.-The Superintendence of Pensions |! |will produce a representative sample of the Database |! |of article 34, prior process of dissociation of this |! |according to the established law N ° 19,628, which |! |will be put to Natural persons or |! |legal, public or private, such as universities |! |and research centers, among others, for the |! |conduct of research and studies, according to the |! |procedure established by such Superintendence. |! | For the elaboration of this sample the Superintendence |! |must incorporate the proposals that to the effect make |! |a technical committee constituted by a representative of the |! | Ministry of Labor and Social Security, a |! |representative of the Ministry of Finance, a |! |representative of the Superintendence of Pensions, a |! |representative of the guild association of economists |! |that according to its number of affiliates it possesses greater |! |representativeness and the President of the Commission of |! | Users. However, the persons mentioned above, who |! |require a history not contained in the sample, |! |may request the mentioned Committee information |! |additional who will authorize it after evaluation of the |! |features of the investigation or estud (21) Replace the third indent of Article 37 |! |by the following: " The Superintendence of Pensions and the Directorate of |! | Budgets must carry out every three years a study |! |actuarial that allows to evaluate the sustainability of the |! | Insurance of Cesantia, especially the Fund of Cesantia |! | Solidarity. In addition, this study must be carried out every |! Once a modification is proposed to the services |! |granted by this insurance, except for the readjustment |! |referred to in article 25 of this law. Said |! |study should consider an analysis on the inputs |! |and uses of the Cesantia Funds, differentiated as per se |! |try workers with indefinite contract or with |! |fixed-term contract or for a work, work or |! |determined service. The actuarial study will be |! |public. "22) Replace the third indent of article 40 |! |by the following:" The resources that make up the funds of Cesantia |! |may be delivered in guarantee to banks and chambers of |! |compensation for operations with derivative instruments |! |as referred to in point (l) of the second indent of the |! |article 45 of Decree Law No. 3,500 of 1980. " 23) Redeploy Article 41, as follows: " Article 41.-Investments made with |! |resources of the Cesantia Funds and the Fund of Cesantia |! | Solidarity will have the sole objective of obtaining |! |adequate profitability and security according to |! |the provisions set out in Paragraph 9 of the |! | Title I of this Law. "24) Replace Article 42 by the following:" Article 42.-Each month the actual profitability of |! |the Funds of Cesantia and Cesantia Solidary, of the |! |last six months, exceed the actual profitability |! |respective that determines the Investment regime of the |! | Cesantia funds as provided in the |! |article 58 E, observing the effect the range between the |! |percentile 80 and 90 of the distribution of returns |! |semester of the benchmark investment portfolio |! |respective, indicated in paragraph 9 ° of Title I of |! |this law, the commission charged will be the base commission a |! |that refers to article 30, increased by a ten |! |percent. In any case, the alludit increment will not be able to |! |be greater than fifty percent of the difference of |! |profitability. For its part, in every month in which the profitability |! |real determined by the quoted Regime, observing the |! |effect the rank between the 20th and 10th percentile of the |! |distribution of half-yearly returns of the portfolio of |! |respective referential investment, the fee charged |! |will be the base commission already referred, reduced by ten |! |percent. In any case, this decrease may not be |! |higher than fifty percent of the difference of |! |profitability. Each time a new contract is started |! |administration, the calculation of the profitability will be |! |will perform to count of the sixth month of operation of the |! |new administration and provided this period is not |! |less than three months. The above mentioned scheme will define the methodology of |! |the calculations referred to in the previous incisations. "25) Replaced in article 46, the expression |! |" office of labor information of the municipality that |! |corresponds or is closer to his address "|! |by the expression" to the National Stock Exchange to which it is |! |refers to Title III of this law. "26) Replace in the last paragraph of the article |! | 48 the number" 11 "by the number" 10 ". 27) Reposition in the first paragraph of the article |! | 51, the word "or" by a comma (,) and replace the |! |endpoint (.) with a comma (,) and add the following |! |phrase: " Reconciliation Act or Avenement or Act of |! | Appearance to the Inspection of the respective Work, |! |enforceable court judgment or resignation letter |! |ratified by the worker before any of the |! |ministers of faith as laid down in Article 177 of the Code |! |of the Work. " 28) Substitute in the first paragraph of the article |! | 52, the endpoint (.) by a comma (,) and add the |! |next sentence: " as long as (29) Add in Article 56 the following paragraph |! |new final: " The Commission shall be entitled to know and be |! |informed by the managing body of the Stock Exchange |! | National Employment on the operation of the |! |referred stock exchange. "30) Add in article 58, following the |! |endpoint (.), which happens to be followed, the prayer |! |following:" In addition, such report shall contain a |! |assessment of the operation of the Stock Exchange National of |! | Employment. Also, the report may contain |! |recommendations on the operation and execution of |! |reinsertion programs financed according to the |! |established in Article 25a. " 31) Add the following paragraph 9 °, e |! |incorporate the The following Articles 58A to 58K: " Paragraph 9 of the Investment of the Funds of |! | Cesantia and of Cesantia Solidario Article 58A.-The resources of the Fund of Cesantia and |! |of the Fund of the Solidarity Cesantia will be invested in the |! |financial instruments, operations and contracts that the |! |article 45 of decree law No. 3,500, of 1980, authorizes |! |for Pension Funds and in contracts of promises |! |of subscription and payment, of fees of investment funds |! |a reference is made to the sixth paragraph of article 48 |! |of the aforementioned decree law. Article 58B.-Investments with resources of the |! | Cesantia funds shall be subject to the limits |! |maximums established by the Central Bank of Chile, within |! |of the ranges indicated in the following numbers. |! | The powers that this law give to the Bank |! | Central of Chile, will be exercised by this, prior |! |report of the Superintendence. 1) The maximum limit for the sum of investments |! |in the instruments mentioned in point (a) of the The second paragraph of Article 45 of Decree Law No 3,500, |! |of 1980, may not be less than 50% and not more than 80% |! |the value of the Fund of Cesantia and 35% and 70% of the Fund |! |de Cesantia Solidario, respectively. 2) The maximum limit for the sum of investments |! |in foreign securities may not be less than 30% or |! |higher than 80% of the value of the Fund of Cesantia and of the |! | Fund of the Solidarity Cesantia, respectively. Investment abroad shall be understood to be that |! |referred to in the third paragraph of number 2), of the |! |eighth paragraph of Article 45 of Decree Law No. |! | 3,500, of 1980. 3) The maximum limit for the investment in currency |! |foreign without currency coverage that you will be able to maintain the |! | Administrative Society may not be less than 10% nor |! |higher than 15% of the Fund of Cesantia and 25% and 35% of the |! | the Fund of Cesantia Solidarity, respectively. 4) The maximum limit for the sum of the investments |! |in the instruments that are indicated in the numbers 1, 2, |! | 3, 4, 6 and 7 of the second indent of the article 58C of the |! |present law and in the letters e), f), g), i) and k) of the |! 45 of decree law N ° 3,500, |! |of 1980, whose issuer has less than three years of |! |operation, may not be less than ten percent nor |! |superior to twenty percent of the value of the Fund of |! | Cesantia Solidario. In the case of the Cesantia Fund, the |! |maximum limit for the sum of the investments in the |! |instruments mentioned above, will not be able to exceed 5% of the |! |value of the Fund. The Superintendence of Pensions may |! |exclude from the determination of maximum percentages of |! |investment contemplated in this issue to the instruments |! |of each type indicated in the letter k) of the second indent |! |of article 45 of the decree law N ° 3,500, from 1980. The maximum limit for the sum of the investments in |! |the instruments mentioned in the letters g) and h) and the |! |instruments of the letters j) and k) when they are |! |representative of capital, indicated in the paragraph |! |second of article 45, plus the amount of the contributions |! |committed by means of the contracts referred to in the |! |article 48, both of the decree law N ° 3,500, of 1980, |! |will be of 5% and 30% of the value of the Funds of Cesantia |! |and Cesantia Solidario, respectively. It will be excluded for |! |the calculation of this limit the investment in titles |! |representative of indices of the instruments of the |! |letter j), the quotas of investment funds and funds |! |mutual of the letters h) and j), of the mentioned article |! | 45, when their investment portfolios are |! |formed preferably by debt securities. The Cesantia Funds may acquire titles of |! |letters (b), (c), (d), (e), (f), (i), and debt securities of |! |the letter (j), referred to in the second paragraph of Article |! | 45 of Decree Law No. 3,500 of 1980, when they have |! equal risk classifications or |! |higher than BBB and level N-3, referred to in the |! |article 105 of the cited legal body, prepared by |! |different private classifiers; and |! |letter g actions) that meet the requirements to be refers |! |the following paragraph. They may also acquire |! shares of investment funds and mutual funds identified in the |! |letter h), and representative capital titles of the |! |letter j), which are approved by the Commission |! | Risk Classifier referred to in the article 99 |! |of the aforementioned decree law. In the same way they will be able to |! |acquire instruments of the letter k), authorized by the |! | Superintendence of Pensions and when it is required, |! |by the Classification Commission of Risk. The actions referred to in point (g) of the |! |second indent of Article 45 of Decree Law No. 3,500, |! |of 1980 may be acquired by the Funds of Cesantia |! |when the issuer complies with the minimum requirements that |! |will be determined in the Investment regime of the |! | Cesantia funds. Those actions that do not comply with |! |the above requirements may be acquired by the |! | Cesantia funds when they are classified in |! |first class by at least two qualifying entities |! |at risk as referred to in law No 18.045. The Cesantia Funds may acquire the titles |! |of (b), (c), (d), (e), (f), (g), (h), (i), and (j) of the second paragraph of Article 45 of Decree Law No 3,500, |! |of 1980, which comply with the provisions of the |! | Investment Scheme, although not comply with the requirements |! |set in the third and fourth incites, |! |precedents, provided that the investment is adjusted to the |! |special limits set by the above mentioned Regime for these |! |effects. Article 58C.-Without prejudice to the |! |preceding article, the Investment Regime of the |! | Cesantia funds may set other limits |! |maximums depending on the value of the Cesantia Funds, |! |for instruments, operations and contracts of the |! |second paragraph of article 45 of Decree Law No. 3,500, |! |of 1980. Among others, it will be for the Investment Regime |! |set maximum limits for the instruments |! |or operations that are indicated in numbers 1) to 9) |! |following: 1) Instruments referred to in points (b), (c), (d), (e), (f), (i), (j) and (k) of the instruments referred to in Article 45 of Decree-Law No 3,500 of 1980, in category BB, B and B, in the case of debt instruments. N-4 level of risk, |! |as appropriate, as referred to in article 105 of |! |said decree law, which have only one |! |classification of risk carried out by a classifier |! |private, which in any case must be equal or |! |superior to the categories mentioned above, or whose |! |classifications have been rejected by the Commission |! | Risk Classifier; (2) Instruments referred to in (b), (c), (d), (e), (f), (i), (j) and (k), the latter two when they are |! |debt instruments, the second indent of the |! |article 45 of Decree Law No. 3,500 of 1980, which |! |have classification less than B and level N-4, as |! |correspond and those that do not have classification |! |risk; 3) Actions referred to in point (g) of the article 45 of the decree law N ° 3,500, of |! | 1980, which does not comply with the requirements laid down in |! |the fourth paragraph of Article 58B and the quotas of |! |investment and mutual fund shares referred to in the |! |letter (h) of the said Article 45, not approved by the |! | Risk Classifying Commission; (4) Actions referred to in point (g) of paragraph |! |second of Article 45 of Decree Law No. 3,500, of |! | 1980, that are of low liquidity; more quotas of funds of |! |investment referred to in the letter h) of the cited |! |article, plus the amount of the committed contributions |! |through the contracts referred to in the sixth paragraph |! |of article 48 of Decree Law No. 3,500 of 1980, |! |when these instruments are of low liquidity; 5) Amounts committed by the contracts of |! |promise and subscription of payment of funds shares of |! |investment; 6) Shares, shares of mutual funds and shares |! |of mutual funds as referred to in point (j) of the article 45 of the decree law No. 3,500, of |! | 1980, not approved by the Classifying Commission of |! | Riesgo; 7) Each type of instrument of public offering, a |! |referred to in point (k) of the second indent of the |! |article 45 of decree law N ° 3,500, of 1980; 8) Transactions in derivative instruments which are |! |referred to in point (l) of the second indent of Article 45 |! Law N ° 3,500, 1980, observing the |! |provisions which on this subject contemplates said |! |legal body; 9) Operations or contracts which have as object |! |the loan or mutual of financial instruments, |! |belonging to the Funds Cesantia, which is |! |refer to the letters j) and m) of the second indent of the |! |article 45 of Decree Law No. 3,500 of 1980. Article 58D.-The limits established in the |! |article 47 of the decree law N ° 3,500, of 1980, relative |! |to investment by issuer, will be applicable in the same |! |terms to the investments made by the Funds of |! | Cesantia. However, those limits that correspond |! |fix to the Investment Regime of the Funds of |! | Pensions, in respect of the Funds of Cesantia, will be |! |established in their Investment Regime, having in |! |account to the effect, the classifications and characteristics |! |referred to in Article 47. The Investment Regime of the Cesantia Funds |! |may establish the same regulatory norms |! |entered in decree law N ° 3,500, of 1980, |! |regarding pension funds. Article 58E.-The Superintendence of Pensions |! |will establish by resolution an Investment Regime |! |for the Funds of Cesantia, prior report of the Council |! | Technical of Investments regulated in Title XVI of the |! |decree law No. 3,500, of 1980. The Superintendence does not |! |may establish in the Investment Regime contained |! |that they have been rejected by the Technical Council of |! | Investments and likewise, in the aforementioned resolution |! |must indicate the reasons why I do not consider |! |the recommendations on this matter |! |the referred Council. This Resolution will be |! |dictated by the Ministry of Finance, a |! |through the Secretariat of Finance. As not provided for by the Investment Regime of |! |the Funds of Cesantia, you will be at what you have the |! | Investment Regime of the Pension Funds. |! | The Investment Regime will also be set up |! |referential investment portfolios for the |! | Cesantia Funds, for which processing must be addressed to the |! |following considerations: 1) That the referential portfolios reflect |! |investment criteria concordant with the goals of |! |protection of the Insurance. 2) That these portfolios be susceptible of being |! |replicated. 3) That these portfolios provide for criteria of |! |stability of investments. 4) That the information underpinning the portfolios of |! |reference is public access and cannot be altered |! |or manipulated. 5) To contemplate criteria of diversification in your |! |conformation, regarding at least, issuers, |! |nature of instruments and markets. The Superintendence will be able to review the composition of |! |the referential investment portfolios every 36 months and |! |submit it to the consideration of the Technical Council of |! | Investments referred to in article 58H, if the |! |numerals of the previous paragraph experience variations |! |significant. Article 58F.-The Administrative Society must |! |count on investment and solution policies of |! |conflicts of interest for the Funds of Cesantia |! |observing the provisions of article 50 of the decree |! |law No. 3,500, of 1980. Article 58G.-The Investment Regime for the |! | Cesantia funds will be able to contemplate rules for the |! |investment regulation of the Cesantia Funds in |! |function of the risk measurement of your portfolio of |! |investment. The Superintendence, by means of character standard |! |general, can establish the procedures for the |! | Administrative Society to perform the risk assessment |! |of the investment portfolios for the Funds of |! | Cesantia. This rule will determine the periodicity with the |! |the risk measurement and the form |! |how the results of the measurements that |! |will be carried out will be disseminated. Article 58H.-The Technical Board of Investments |! |for the Funds of Cesantia will be the same Council |! |contemplated in article 167 of the decree law N ° 3,500, |! |of 1980, with respect to the investments of the Funds of |! | Cesantia. Specifically, the Council will have the following |! |attributions and functions: 1) Rule on the content of the |! | Investment for the Cesantia Funds referred to |! |article 58 C of this law and on the |! |modifications that the Superintendence of Pensions |! |propose to do to it. For these purposes, the |! | Council must issue a report containing your opinion |! |technical prior to the rule of the standard of |! |general character that approves or modifies such a Regime; 2) Issue technical opinion in all those |! In relation to investments of the Funds of |! | Cesantia contained in the Investment Regime for the |! | Funds of Cesantia, and in particular respect of the |! |structure of investment limits of the Funds of |! | Cesantia, the composition of the portfolios of investment |! |referential, of the risk measurement mechanisms |! |of the portfolios of investment and operations |! |referred to in Article 45 (l) (l) (l) (2) of Decree Law No 3,500 of 1980, which are carried out by the |! | Cesantia funds; (3) make proposals and issue reports on the improvement of the Investment regime for the |! | Cesantia funds in those cases where the Council |! |it deems necessary, or when so requested by the |! | Superintendenta; 4) pronounce on the matters related to |! |investments from the Funds of Cesantia They will be consulted by the Ministries of Finance and the |! | Labor and Social Welfare; and 5) Commission the conduct of technical studies with |! |relation to the investments of the Funds of Cesantia. Article 58I.-Members of the Technical Council |! |of Investments will receive an additional diet in pesos |! |equivalent to 17 monthly tax units per |! |each session that attend, with a maximum of 34 units |! |monthly taxes per Each calendar month, when the |! | Council must deal with this session, matters |! |related exclusively to the Cesantia Funds. Article 58J.-The Administrative Society must |! |attend the shareholders ' meetings of the companies |! |mentioned in the letter g), the boards of holders of |! |bonds of the letters e) and f) and the assemblies of the |! |contributors of the funds of the Investment indicated in the |! |letter (h) of the inci Article 45 of the decree |! |law No. 3,500, of 1980, whose shares, bonds or quotas |! |have been acquired with resources from the Fund of Cesantia |! |respective, represented by leaders appointed by |! |their directory, applying to the effect to the Society |! | Administrator, all provisions that on the |! |matter are contemplated in decree law N ° 3,500, of |! | 1980. Article 58K.-The Administrative Society must |! |observe the provisions of Title XIV called De |! |the Regulation of Conflicts of Interests, of Decree |! |law No. 3,500, of 1980. " 32) Modify Article 59 of the following |! |form: a) Add the following second indent, passing the |! |current second indent to third: " Employers that during the 24 months |! |immediately prior to the respective request, |! |have paid within the period corresponding to the |! |contributions established in this law, will have priority |! |in the granting of resources from |! |public institutions, financed from resources |! |productive promotion prosecutors. For the purposes of the |! |above, they must first credit, before the |! |institutions administering the instruments |! |referred, the compliance of the indicated requirement. ". b) Replace in the second paragraph, which happens to be |! |third, the sentence "for the owner of the work, company or |! |faena in Article 64a" by the expression "in the |! |article 183C". 33) Substitute, under the heading of Title II, the |! |word "Finals" by "Generals". 34) Enter the following new Title III: " Title III of the Labour Information System and the National Stock Exchange |! |of Employment Article 61.-Create the Information System |! | Labor and the National Employment Exchange, in charge of the |! | Ministry of Labor and Social Security, whose |! |objectives will be to increase employability and facilitate |! |the reinsertion of the unemployed workers |! |members of the Insurance of Cesantia. Article 62.-The Labour Information System |! |will deliver information on the labour market and |! |will be administered by the Labour Subsecretariat. Article 63.-The National Employment Exchange will be a |! |instrument intended to facilitate search and the |! |offering job vacancies for workers |! |cesants affiliated with Insurance. The unemployed workers affiliated to the Insurance who |! |are enrolled in the National Employment Exchange will be able to |! |offer the provision of labor services and access |! |the database of job vacancies. In turn, the |! |employers who register on the aforementioned Exchange |! |will be able to offer job vacancies and search for workers |! |for such jobs. The administrator of the National Job Exchange |! |must communicate the training opportunities and |! |available jobs to the beneficiaries of the |! | Cesantia Solidario Fund and those who stopped perceiving |! |the benefits of the Article 25 to be maintained |! |cesants, according to the order of priority that you set the |! |employability index, elaborated by the Subsecretariat |! |of the Job. The administrator of the National Job Exchange |! |must maintain a database of the workers |! |subjects to the insurance, with the necessary records for the |! |operation of the aforementioned Stock Exchange which will include the |! |general information record of the worker, the |! |worker employability index mentioned in the |! |previous paragraph, the registration of those employers that |! |offer job vacancies and the others to determine |! |the Subsecretariat of Labor, according to the |! |established on the basis of the invitation to tender. The National Training and Employment Service, the |! | Work Information Offices of article 73 of the |! |law No. 19.518, other public services and entities |! |private who execute the programs outlined in the |! |article 25a, may access the databases of the |! |administrator of the National Job Exchange for the |! |exercise of their duties. Article 64.-The administration of the Stock Exchange |! | National Employment will be awarded by a |! public tender. The tender and the award of the |! |service will be carried out by the Ministries of Labor and |! | Social and Finance Forecast. The managing entity of the National Stock Exchange |! | Employment will be entitled to a fee of charge of the |! | Solidarity Cesantia Fund. Extinguished the contract of management of the |! | National Employment Exchange for the causes established in |! |the bidding bases, the entity that is |! |providing the service that she grants, must transfer |! |to the Assistant Secretary of Labor or to whom it determines, |! |that bag and the databases that are part of |! |it, allowing the continuity of the service. The one who, during the term of the contract |! |noted in the above paragraph or after it, |! |make use of the information included in the National Stock Exchange |! |of Employment for a different purpose than the one established in this |! |article, will be (i) the penalties provided for in the sixth paragraph of Article 34, without a |! effect on the other penalties laid down by the |! |tendering bases and the respective contract. The managing entity of the National Stock Exchange |! | Employment that during the handover of the concession causes |! |a non-fortuitous damage to the databases that form |! |part of it, or deny or hinder its delivery or the |! |grant in incomplete form, will be sanctioned from |! |compliance to what set the bidding bases |! |and the respective contract. The supersurveillance, control and control of the |! |entity that manages the National Employment Exchange |! |will correspond to the National Service of Training and |! | Employment, without prejudice to the faculties of the |! | Superintendence of Pensions in relation with the |! |audit to the Administrative Society regarding |! |the administration of the Fund of the Solidarity Cesantia. Article 65. The Labour Information Offices |! |for the exercise of the functions established in the |! |article 78 of Law No. 19.518 shall use the |! |information that the National Employment Exchange grants. " Article 2.-Intercalase in article 34 of the decree with force of law N ° 150, 1982, of the Ministry of Labor and Social Welfare, following the expression "1980,", the phrase " and the workers mentioned in the second paragraph of the article 20 of Law No 19,728 ", as well as the expression" and the Administrators of the respective Pension Funds, "the phrase" as well as by the Administrative Society of the Fund of Cesantia, ". Transitional provisions Article 1.-The modifications which the |! |articles 1 ° and 2 ° of this law introduce into the |! |law N ° 19,728 and in the decree with force of law N ° 150, |! |of 1982, of the Ministry of Labour and Social Welfare, |! |except for the exceptions below, |! |will come into effect on the first day of the fourth month |! |following that of your publication in the Official Journal. The benefit requests that are in |! |processing the entry in force indicated in the |! |previous paragraph, will continue to be governed by the rules |! |in force to the date of its presentation. Article 2.-The first adjustment of the upper and lower values indicated by this law for the tables referred to in Article 25 shall be carried out on 1 February 2010 in the variation which the indices of real and consumer price remuneration, determined by the National Statistics Institute, in the period from the date of publication of this law in the Official Journal and 31 December 2009. Article 3.-Amendments Nos 23 and 31) of Article 1 of this Law introduce you to Law No 19,728, shall enter into force on the first day of the month following the beginning of the new insurance contract of Cesantia. However, if the current management company of the Insurance of Cesantia agrees to the subscription of a modification to Title IX of the management contract that governs it, these modifications shall enter into force, to count on the first day of the month the following amendment to be fully processed. However, that period may not be less than the first day of the seventh month of publication of this law. Amendments relating to the Technical Investment Board shall enter into force on the first day of the second month following the date of publication of this law in the Official Journal, and the new Articles 58F, 58J and 58K incorporated in paragraph 9. added by Article 1 (31) shall enter into force at the date of publication of this law in the said journal. Article 4.-The amendments that the number 24) of Article 1 ° of this law introduces into law No. 19,728, shall enter into force to count on the first day of the tenth ninth month following the entry into force of the modifications of the numbers (23) and (31) of Article 1, referred to in the first subparagraph of the preceding Article. In this case, during the 18 months preceding the entry into force of the amendments to Article 1 (24) referred to above, the increases and decreases referred to in the current Article 42 of Law No 19,728 shall not apply. Article 5.-During the first 12 months of the validity of the amendments introduced by Article 1 (31) of this Law, the Administrative Society of the Insurance of Cesantia may carry out transfers of instruments between Funds, without resorting to formal markets. Transfers shall take place at the prices determined in accordance with Article 35 of Decree Law No 3,500 of 1980. Article 6-The first issue of the Resolution establishing the Investment Scheme referred to in Article 58E of Paragraph 9 of Title I of Law No 19,728, Article 1 (31) of this Law may not provide for more restrictive investment limits than those referred to in Articles 45 and 47 of Decree-Law No 3,500 of 1980 for the Type E. Pension Fund. Article 7. The first year of validity of the amendments which the number 31) of Article 1 of this Law introduces to Law No 19,728, the excesses of investment which may be produced as a result of the provisions laid down in this law shall not be considered as responsibility of the Administrative Society. Article 8.-The new Title III that this law introduces into law No. 19,728 shall enter into force upon the publication of this law in the Official Journal. The provisions of the new third paragraph of Article 28 and the amendments to Article 46, both of Law No 19,728, shall enter into force from the date on which the National Employment Exchange is operational. For those who, at the date of entry into operation of the National Employment Exchange, are receiving benefits from the Solidarity Fund, they will have a period of 30 days to register for the Exchange. After that period, the provisions of Article 28 (3) shall apply to them. Article 9.-The first decree referred to in the first paragraph of Article 25a of Law No 19,728, which is introduced pursuant to this Law, may be issued in any month of the year of the publication of it in the Official Journal, for the financing of the programs of that year. The Ministry of Labour and Social Welfare shall carry out external evaluations of the programmes referred to in Article 25a within the first three years of implementation of those programmes. Such evaluations shall compare a representative sample of all the beneficiaries of those programmes with a control group. Article 10.-The greatest tax expense that will be incurred by the application of this law, during the first year of its entry into force, will be financed from the current budget of the Ministry of Labor and Social Security. Notwithstanding the foregoing, the Ministry of Finance, under the Budget Party of the Treasury, may supplement that budget in the part of the expenditure that cannot be financed from these resources. " And because I have had to approve and sanction it; therefore, promulgate and take effect as the Law of the Republic. Santiago, 27 January 2009.-MICHELLE BACHELET, President of the Republic.-Claudia Serrano Madrid, Minister of Labour and Social Welfare.-Maria Olivia Recart Herrera, Minister of Finance (S). What I transcribe to you for your knowledge.-Salute to you, Mauricio Jellvez Maturana, Assistant Secretary of Labor.