The Government made progress this Wednesday in the regulation of a key chapter of the labor reform: the Labor Contribution Fund (FAL), intended for the payment of severance payments. Through resolution 1276 published in the Official Gazette, the Ministry of Economy, headed by Luis Caputo, established the guidelines and limits for investing the resources that employers must contribute every month.
The regulation states that these funds can be invested without limit in debt issued by the national Treasury. In contrast, investments from provinces and the Autonomous City of Buenos Aires will face caps. Deposits in entities authorized by the Central Bank and negotiable obligations of private companies issued in the country are also permitted.
The considerations emphasize that the entities managing the FAL must preserve the value of the contributions, ensure the availability of funds for benefits, and diversify investments. The goal is to protect the assets and ensure the necessary liquidity to meet the fund's obligations.
The resolution delineated four major categories of permitted instruments: national Treasury debt; debt securities from provinces and the City; deposits in banks authorized by the BCRA; and private negotiable obligations. For provincial, Buenos Aires, and negotiable obligations, public offering authorization, trading in markets authorized by the National Securities Commission, and a national risk rating of AAA granted by at least two rating agencies registered with the CNV are required.
Permitted instruments and performance requirements
Regarding performance, the instruments may have a fixed rate, TAMAR rate, adjustment by CER, or by exchange rate. Dual Bonds that combine these modalities are also allowed. This way, alternatives are sought to preserve the real value of the monthly contributions from companies.
