Requirements to Join the Compensation Fund: Steps, What it is and MORE

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Are you affiliated with a compensation fund? Do you want to join but don’t know how? Well, you have reached the ideal article. Here you will find the requirements to join a Compensation Fund, the necessary documents and among many other information. So, if you want to clarify your doubts on this topic, continue reading this article and get the answers you are looking for.

What are the requirements to join the Compensation Fund?

If you are looking for a compensation fund to manage your social security benefits, you should know that there are a series of requirements that you must meet first.

These requirements are necessary to meet, if you want to join a compensation fund. Although, you should also consider that there are two different ways to join, that depend on whether you are a pensioner or a company.

Requirements to Join a Compensation Fund: Pensioners

In the first case, if you are a pensioner, your membership will be individual and you’re going to have to to do in the offices or websites of the respective boxes.

In addition, you will have to meet the following requirements:

  • Comply with a minimum membership period of 12 months.
  • Monthly discount of a fee of 2% of your pension.

Requirements to Join a Compensation Fund: Companies

The affiliation of the companies they are collectivelyIn other words, if a company joins a compensation fund, the employees automatically become affiliates.

Now, the requirements that companies must meet to join are:

  • Agreement between workers.
  • Will of the employer.
  • Vote of the majority of the workers to approve the proposal.
  • Employees must be notified of the benefits offered by the compensation funds.

Finally, these are the Requirements to join a compensation fund in Chile, which you must comply with to enter these administrative institutions.

Necessary documents

In addition to the requirements to join a Compensation Fund, you must also gather a series of documents necessary to join.

However, these documents are not general, but rather they depend on the compensation fund you choose to join.

It is for that reason that, below, we leave you the Necessary documents from the 4 compensation funds in Chile.

Los Andes Box

The employer needs the following documents to enroll its employees:

  • The Membership Application.
  • Affiliation Agreement Act.
  • If they are affiliated with another fund, the certificate of disaffiliation must be presented.
  • The Register of the signatures and the Identity Cards of the employees.
  • A photocopy of the deed of incorporation of the Company.
  • A photocopy of the declaration and payment of contributions.
  • The Photocopy of the last VAT payment.
  • A photocopy of the Unique Tax Certificate (RUT).
  • The Identity Card of the Legal Representative of the company.
  • The minutes and the agreement of the election of said Legal Representative.

La Araucana Box

The La Arauca Box divides its affiliates into public and private companies, so they request different documents for each case.

In the case of private businesses, the following documents must be presented:

  • The society Constitution.
  • The Membership Application signed by the Legal Representative.
  • Deeds of powers.
  • The Employee Signature Register.
  • The RUT of the company and the Legal Representative.
  • The minutes of the assembly and scrutiny, supervised by the «Minister of faith».
  • The payment of the last three (3) VAT or the initiation of activities.
  • The payroll of voters in favor of membership.
  • Photocopy of the last IPS payment.
  • A certificate from the company counting the number of workers it has.

On the other hand, public enterprises they will have to provide the following documents:

  • The photocopy of the law that created the public body and its statutes.
  • A photocopy of the decree or resolution stating the election of the head of the agency.
  • If said boss delegates his responsibility, the document that validates the transfer must also be presented.
  • A photocopy of the RUT of the organization.
  • A photocopy of the RUT of the Legal Representative.
  • The Membership Act.
  • A payroll of the agency’s employees.
  • A valid Endowment Certificate.

The Heroes Box

In the case of The Heroes Box, the following documents are needed to join:

  • The Membership Application signed by the Legal Representative.
  • The Employee Signature Registration Act.
  • The Minutes of the organized assembly.
  • The list of the voters of the assembly.
  • A photocopy of the ID of the Legal Representative.
  • A photocopy of the deed of incorporation of the company.
  • The photocopy of the last declaration and the payment of the contributions.
  • A photocopy of the initiation activities or the RUT of the company.
  • The document that proves the authorization of the Legal Representative.
  • A minute of the background collection.

Box 18

To know the documents that will allow you to join the compensation fund Box 18, you have to lfill out a Membership Application form, depending on your case: Company or Pensioner, and wait for them to contact you, so that they give you more information about it.

  • In the case of be a pensioner, access this LINK.
  • In the case of be a company, access this LINK.

Once you have submitted your application, a person from the Box 18 will contact you, to continue with the affiliation.

Step by Step to Join the Compensation Fund

We have already known the requirements to join a compensation fund and the documents that each of these request, now it is the turn to know the steps to follow to join a compensation fund.

The first thing you should know is that for employees who work in companies already affiliated with a Fund, their affiliation is guaranteed at the time of signing their employment contract.

On the other hand, if you are an independent worker or work in a company without affiliation to a savings bank, you will have to do the following:

  1. Choose a compensation fund from Chile.
  2. Investigate the requirements and documents they request.
  3. Gather those documents.
  4. Attend one of the offices of the compensation fund, with all the necessary documents.
  5. Wait for the approval time of the affiliation.

Ready, you are already affiliated with one of the Chilean compensation funds!

However, some of these boxes, such as that of The Araucana, have a different enrollment procedure, which includes hold an employee assembly, before starting the whole process of affiliation to a compensation fund.

Therefore, it is recommended that you investigate the processes that each compensation fund has to make the affiliation to their services.

Independent workers

The services and benefits of a compensation fund are also available to freelancers, only that these will have to follow a different procedure. Although, in the same way, you will have to be contributing to health and pensions.

Then, the steps you must follow to join a compensation fund are the following:

  1. Research each compensation fund in Chile and select the one that suits you best.
  2. Inquire about the requirements and documents that the Fund requests from applicants to join.
  3. Go to one of the agencies of the Fund and take with you all the documents that are needed, according to said Fund.
  4. Once you are in the agency, they will request your data, to carry out the Affiliation Request.
  5. Ask about the benefits that you will receive for belonging to the compensation fund.
  6. Finish processing the entire Membership Application process.
  7. Wait for the approval of your request.
  8. Once it is approved, you will be notified.

You are already affiliated with the compensation fund!

Employees

In the case of employees, the affiliation process to one of the compensation funds is simple, since, normally, companies are affiliated with a savings bank; so that when you sign your employment contract, you will already be joining to the company’s compensation fund.

This affiliation will allow you to enjoy all the benefits that the compensation fund offers to its affiliates.

On the other hand, you have to take into consideration that 4% of your payroll will be allocated, by your employer, to the fund of the compensation box.

What is a Family Compensation Fund?

Family compensation funds are institutions similar to normal compensation funds; but What is a compensation fund? We are going to answer it below.

A compensation fund is a private institution in charge of managing your social security benefits, to improve the quality of life of its members.

Now, this affiliation to the compensation fund must be paid monthly. For it a 4% discount is made on your social security contributions, although this discount is made by your employer. You don’t have to worry about not taking care of it.

Finally, there are many benefits that you can obtain if you join one of these compensation funds in Chile; Therefore, if you decide to join one, you will have to know the requirements to join a compensation fund that are stipulated in this country.

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