What is the Recognition Bonus?
The Recognition Bonus will be collected at the age of 65, as informed by the Office of Previsional Standardization (ONP). This subsidy can be withdrawn by the affiliate or former affiliate when they reach said age.
"The institution reminded that once the affiliate is transferred from the National Pension System, their Individual Capitalization Account in the Private Pension System starts from zero. This could jeopardize the pension and access to healthcare for the affiliates. The Recognition Bonus will be deposited in their AFP so that they can withdraw it once they reach retirement age," stated the ONP.
For this reason, they recommend their affiliates to seek guidance to determine if they qualify for this bonus, as well as to find out what their future pension would be in both systems.
Requirements to receive the ONP Bonus 2023
The requirements that affiliates, who are currently in the AFP, must meet is to have contributed for a period of 48 months to the ONP between January 1, 2002 and December 31, 2020.
However, note should be taken of those who transferred to the Private System until July 31, 2021.