Older adults who are already retired have the possibility of accessing different financial aid provided by the State on a monthly basis or in specific cases. These benefits have access requirements, such as being retired, having children, having been married for 50 years and having contributed to the old provident funds.
Universal Guaranteed Pension
One of the benefits that retired seniors can access is the Guaranteed Universal Pension (PGU), which complements the pension previously received. The PGU is granted by the Social Security Institute (IPS) and provides an amount of up to $214,296. To access this benefit, it is necessary to meet certain conditions, such as having a base pension of less than $1,158,355 and proving residence in Chile for a period of no less than 20 years.
Recognition Bonus
Upon retirement, older adults can request the Recognition Bonus, financial aid provided by the State to those who have changed from the old pension system to the current AFPs. This bonus is added to the beneficiary’s Individual Capitalization Account, adding an additional amount to the savings accumulated when retiring due to old age, disability or death. To request this benefit, it is necessary to go to the corresponding AFP and complete the required documentation.
Child Bonus
Women aged 65 who retire have the option of receiving the Child Bonus, a benefit aimed especially at biological or adoptive mothers. This bonus is equivalent to 10% of 18 minimum income and may vary depending on the date of birth of the child. To qualify for this bonus, it is necessary to meet certain requirements, such as being 65 years old or older, having lived in Chile for 20 years and having resided in the country for at least 4 years of the last 5 years prior to the application.
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