Circular LISOL 1-1113 REMON 1-1137 OPASI 2-736: Regulation of the Labor Termination Fund for Workers under Law 20.744 (Decree 847/24)

"Year of the Reconstruction of the Argentine Nation" COMMUNICATION "A" 8288 31/07/2025 TO FINANCIAL ENTITIES:
Ref.: Circular
LISOL 1-1113,
REMON 1-1137,
OPASI 2-736:
Labor Termination Fund for Workers Covered by Law 20.744 on Employment Contracts. Decree 847/24. Regulation.
___________________________________________________________________________ We address you to inform you that this Institution has adopted the resolution that, in its pertinent part, establishes:

"1- To dispose, within the framework of what is provided in article 96 of Law 27.742 and Annex II of Decree 847/24, the regulation of the following special deposit accounts with the characteristics indicated below:
a) Individual Labor Termination Fund for Workers Covered by Law 20.744 on Employment Contracts.
Upon the employer's request, an account will be opened in the name of each worker (holder). The worker may make additional contributions to this account, as agreed.
Regarding the withdrawal of funds, what is provided in points 3.1.6.1. (withdrawal of the total balance) and 3.1.6.3. (transfer of the total to an account of the same nature in another entity) of the consolidated text on Savings Deposits, Salary Accounts, and Special Accounts shall apply. Upon termination of the employment relationship, upon presentation of supporting documentation accrediting said termination, the employer shall request the transfer of funds to a checking account in the name of the worker that the latter expressly indicates, or, failing that, that the worker withdraws the funds at the counter, at their choice. Once the employment relationship has ended, the intervening entities must keep the account open for a period of 180 (one hundred eighty) calendar days counted from the last movement, with the purpose of being used for the same effect in case the holder initiates another employment relationship under the same Collective Bargaining Agreement. b) Collective Labor Termination Fund for Workers Covered by Law 20.744 on Employment Contracts. An account will be opened in the name of the person corresponding according to what is established in the respective Collective Bargaining Agreement. Regarding the withdrawal of funds, partial withdrawals may be made upon the termination of any of the employment relationships for which contributions have been made. Upon termination of the employment relationship, the holder –through the presentation of supporting documentation accrediting said termination and the exact amount to be withdrawn– shall request the transfer of the corresponding funds to a checking account in the name of the worker in question and that the latter expressly indicates. The transfer of the total funds to a special account of the same nature that has been enabled in another financial entity in the name of the same holder will be admitted.

-2- tion and that the latter expressly indicates. The transfer of the total funds to a special account of the same nature that has been enabled in another financial entity in the name of the same holder will be admitted.

2- To establish that the opening of the accounts included in point 1 of this communication will be mandatory for first-degree commercial banks that enable their clients to operate with automatic teller machines – own or third-party – and that they will function within the framework of what is provided – in the pertinent part – in points 1.3. or 3.4.2. – depending on whether they are natural or legal persons – (identification and fiscal status of the holder), 1.6. (deposits and other credits), 1.14. (guarantee of deposits), 3.1.2. – last paragraph – (gratuity), 3.1.3. (currency in pesos) and 3.1.4. (remuneration) of the consolidated text on Savings Deposits, Salary Accounts, and Special Accounts. Administrative processes must be optimized to facilitate the opening of these accounts in the shortest possible time. Only crediting corresponding to contributions to the Labor Termination Fund made by the employer and/or the worker – if applicable – will be admitted, in accordance with what is provided in the respective Collective Bargaining Agreement and within the framework of article 96 of Law 27.742 and Annex II of Decree 847/24. A summary with the detail of the movements and balances recorded in the period – in pesos and in its equivalent in UVA – must be sent to the holder – monthly, through electronic means – . Additionally, the consultation of this information may be allowed through home banking and/or mobile banking systems. The employer or the person requesting the opening of the account – depending on whether it is the individual or collective account, respectively – will be responsible for the integrity and authenticity of the information and documentation presented. As far as not provided for and to the extent that they do not oppose these provisions, the norms established for deposits in savings accounts or special checking accounts for legal persons will apply, as appropriate.

3- To dispose that the Individual and Collective Labor Termination Fund accounts for Workers Covered by Law 20.744 on Employment Contracts will be subject to the same minimum cash requirement established for the special account of the Labor Termination Fund for Workers in the Construction Industry and must be considered as stable deposits according to point 4.1.1. of the consolidated text on Liquidity Coverage Ratio.

4- To establish that, once the employment relationship has ended, the intervening entities must keep the Labor Termination Fund accounts for Workers in the Construction Industry – included in point 3.1. of the consolidated text on Savings Deposits, Salary Accounts, and Special Accounts – open for a period of 180 (one hundred eighty) calendar days counted from the last movement, with the purpose of being used for the same effect in case the holder initiates another employment relationship within that framework."

Regarding this, we send you the sheets that, in replacement of those previously provided, correspond to be incorporated into the consolidated texts on Savings Deposits, Salary Accounts, and Special Accounts and Liquidity Coverage Ratio. In this sense, we remind you that on this Institution's website www.bcra.gob.ar, accessing "Financial System - LEGAL AND REGULATORY FRAMEWORK - Consolidations and summaries - General regulatory consolidated texts", the modifications made with texts highlighted in special characters (strikethrough and bold) will be found.

Likewise, we inform you that we will subsequently send you the sheets that, in replacement of those previously provided, will correspond to be incorporated into the consolidated text on Minimum Cash.

We salute you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Darío C. Stefanelli Marina Ongaro
Principal Manager of Issuance and Regulatory Applications General Deputy Manager of Financial Regulation

ANNEX

• Index -
  3.7. Savings account for authorized minors.
  3.8. Investment Special (Resolution 4/17 of the Financial Information Unit).
  3.9. Checking accounts for purchases in stores.
  3.10. Savings account for adolescent minors.
  3.11. Universal free account.
  3.12. Special accounts for holders with agricultural activity and others.
  3.13. Special accounts for exporters.
  3.14. Special accounts to credit export financing.
  3.15. Special account for the regime of promotion of the knowledge economy.
  Decree 679/22.
  3.16. Asset regularization special account – Law 27.743.
  3.17. Labor Termination Fund for Workers Covered by Law 20.744.
  Section 4. General Provisions.
  4.1. Identification.
  4.2. Fiscal Status.
  4.3. Recommendations for the use of automatic teller machines.
  4.4. Interest rates.
  4.5. Return of deposits.
  4.6. Immobilized balances.
  4.7. Discriminatory acts.
  4.8. Closure of non-operational accounts.
  4.9. Procedures manual.
  4.10. Transfer service. Charges and/or commissions.
  4.11. Counter operations.
  4.12. Denomination of checking deposit accounts.
  4.13. Special client identification procedures in matters of international tax cooperation.
  4.14. ATM operations in the country not operated by financial entities.
  4.15. Deposit accounts for guarantees of futures and options operations.
  4.16. Account opening in a non-presential manner.
  4.17. Account closure in a non-presential manner or at any branch.
  4.18. Special identification procedures for contributions to electoral campaigns.
  Law 27.504 – amending Law 26.215 –.
  4.19. Savings account repatriation of funds - Personal Assets Law 27.541.
  4.20. Special account repatriation of funds - General Resolution ex AFIP 4816/2020 and amendments.
  4.21. Special account repatriation of funds - Solidarity and extraordinary contribution. Law 27.605.
  4.22. Special Deposit and Cancellation Accounts for Argentine Construction (CECON.Ar). Laws 27.613, 27.679 and 27.701.
  4.23. Special Deposit and Cancellation Account for Argentine Investment and Production (CEPRO.Ar). Law 27.701.
  4.24. Single Financial and Economic File.
  B.C.R.A. CONSOLIDATED TEXT ON
  SAVINGS DEPOSITS, SALARY ACCOUNTS AND SPECIAL ACCOUNTS Version: 40th COMMUNICATION "A" 8288 Validity:
  01/08/2025 Page 2

3.1.9. Other provisions.
3.1.9.1. Upon opening the account, the bank will deliver to the employer, against a signed receipt, two copies of the complete and updated text of these regulations, one of which must, in turn, be delivered to the worker.
3.1.9.2. Employers are obliged to immediately notify the banks of their changes of address, as well as those of the corresponding workers, as they come to their knowledge.
3.1.9.3. At the end of the first bimonthly period of each year, banks will send to IERIC a list – as of December 31 of the previous year – of accounts that have not had movement during 12 months, indicating the name and document of the worker, name and registration number of the employer, balance as of the date of the information and date of the last movement.
3.1.9.4. The status of the account with respect to the deposit guarantee insurance system will be specified in accordance with what is established in point 6. of the CO on Application of the Deposit Guarantee Insurance System.
3.1.9.5. The worker and the employer may request the financial entity for the account balance and the detail of the deposits made. Without prejudice to this, the entities must send monthly to the worker's email address – if they have informed it – a summary with the detail of the movements and balances recorded in the period that comprises.
3.1.9.6. Once the employment relationship has ended, the intervening entities must keep these accounts open for a period of 180 (one hundred eighty) calendar days counted from the last movement, with the purpose of being used for the same effect in case the holder initiates another employment relationship.
B.C.R.A. SAVINGS DEPOSITS, SALARY ACCOUNTS AND SPECIAL ACCOUNTS
Section 3. Special.
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In the case of tax payment, the declarant must present the "Electronic Payment Certificate" (VEP) issued by the ARCA system to the entity. A copy of the VEP and the transactions made will be kept in the account file to prove compliance with the application of funds to the designated destination. During the period of unavailability, debits other than those specifically authorized will not be admitted.
3.16.4. Information regime.
According to the procedure and guidelines determined by ARCA, financial entities must report to said body the total of movements (debits and credits) made in these accounts.
3.16.5. Commissions.
Entities may collect commissions only for the maintenance of this account, provided they do not exceed what they apply for such concept to their clientele on the savings account or special checking account for legal persons in US dollars – as appropriate – that is in force on the date of promulgation of Law 27.743.
3.16.6. Closure of accounts.
Once the periods provided for by the current legal and regulatory framework have been fulfilled, these accounts must be closed ex officio. In the case that there are available balances, the funds must be transferred to another account in the name of the holder.
3.16.7. Other provisions.
As far as not provided for and to the extent that they do not oppose what is detailed in the preceding points, the provisions established for deposits in savings accounts and special checking accounts for legal persons will apply, as appropriate.
3.17. Labor Termination Fund for Workers Covered by Law 20.744.
First-degree commercial banks that enable their clients to operate with automatic teller machines – own or third-party – within the framework of what is provided in article 96 of Law 27.742 and Annex II of Decree 847/24, will open special deposit accounts with mandatory character called:
3.17.1. Individual Labor Termination Fund for Workers Covered by Law 20.744 on Employment Contracts.
Upon the employer's request, an account will be opened in the name of each worker (holder).
The worker may make additional contributions to this account, as agreed.
B.C.R.A. SAVINGS DEPOSITS, SALARY ACCOUNTS AND SPECIAL ACCOUNTS
Section 3. Special.
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Regarding the withdrawal of funds, what is provided in points 3.1.6.1. and 3.1.6.3. shall apply. Upon termination of the employment relationship, upon presentation of supporting documentation accrediting said termination, the employer shall request the transfer of funds to a checking account in the name of the worker that the latter expressly indicates, or, failing that, that the worker withdraws the funds at the counter, at their choice. Once the employment relationship has ended, the intervening entities must keep this account open for a period of 180 (one hundred eighty) calendar days counted from the last movement, with the purpose of being used for the same effect in case the holder initiates another employment relationship under the same Collective Bargaining Agreement.
3.17.2. Collective Labor Termination Fund for Workers Covered by Law 20.744 on Employment Contracts.
An account will be opened in the name of the person corresponding according to what is established in the respective Collective Bargaining Agreement.
Regarding the withdrawal of funds, partial withdrawals may be made upon the termination of any of the employment relationships for which contributions have been made. Upon termination of the employment relationship, the holder – through the presentation of supporting documentation accrediting said termination and the exact amount to be withdrawn – shall request the transfer of the corresponding funds to a checking account in the name of the worker in question and that the latter expressly indicates. The transfer of the total funds to a special account of the same nature that has been enabled in another financial entity in the name of the same holder will be admitted. Administrative processes must be optimized to facilitate the opening of these accounts in the shortest possible time. Points 1.3. or 3.4.2. (depending on whether they are natural or legal persons), 1.6., 1.14., 3.1.2. (last paragraph), 3.1.3. and 3.1.4. will apply – in the pertinent part –. Only crediting corresponding to contributions to the Labor Termination Fund made by the employer and/or the worker – if applicable – will be admitted, in accordance with what is provided in the respective Collective Bargaining Agreement and within the framework of article 96 of Law 27.742 and Annex II of Decree 847/24. A summary with the detail of the movements and balances recorded in the period – in pesos and in its equivalent in UVA – must be sent to the holder – monthly, through electronic means – . Additionally, the consultation of this information may be allowed through home banking and/or mobile banking systems. The employer or the person requesting the opening of the account – depending on whether it is the individual or collective account, respectively – will be responsible for the integrity and authenticity of the information and documentation presented. As far as not provided for and to the extent that they do not oppose these norms, the provisions established for deposits in savings accounts or special checking accounts for legal persons will apply, as appropriate. B.C.R.A. SAVINGS DEPOSITS, SALARY ACCOUNTS AND SPECIAL ACCOUNTS
Section 3. Special.
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SAVINGS DEPOSITS, SALARY ACCOUNTS AND SPECIAL ACCOUNTS CONSOLIDATED TEXT SOURCE NORM OBSERVATIONS Sec. Point Para. Com. Annex Ch. Sec. Point Para.
2.
2.6. "A" 2590 I 4.4.6. R/Com. "A" 4809, 5091,
5231, 5284 and 5927.
2.7. "A" 2590 I 4.4.7. R/Com. "A" 5091 and 7246.
2.8. "A" 2590 I 4.4.8. R/Com. "A" 5091, 5231,
6042, 6330, 6448 and 6610.
2.9. "A" 2956 I 4.4.9. R/Com. "A" 5091, 5231,
"A" 2590 5284 and 6042.
2.10. "A" 5231 R/Com. "A" 5284.
2.11. "A" 2590 I 4.4.10. R/Com. "A" 5091, 5231 and
5284.
2.12. "A" 2590 I 4.4.11. R/Com. "A" 5091 and 5231.
2.13. 1st "A" 2590 I 4.4.12. R/Com. "A" 5091 and 5231.
2nd "A" 5231
3.
3.1.1. "A" 1199
"B" 6360 I
4.2.1. R/Com. "A" 4532 and "B"
9516.
3.1.2. 1st "A" 1199 I 4.2.2. R/Com. "A" 3042, 6341 and
"B" 9516.
2nd "A" 3042
3.1.3. "A" 1199 I 4.2.
3.1.4. "A" 1199 I 4.2.3. R/Com. "A" 1877 and 6341.
3.1.5.1. "A" 1199 I 4.2.4.1.
3.1.5.2. "A" 1199 I 4.2.4.2. R/Com. "A" 6341.
3.1.5.3. "A" 1199 I 4.2.4.3. R/Com. "A" 6341.
3.1.5.4. "A" 6341
3.1.5.5. "A" 6341
3.1.6. "A" 1199 I
4.2.5.1. a
4.2.5.4.
R/Com. "A" 6341 and 6415.
Includes interpretative clarification.
3.1.7. "A" 1199 I 4.2.6. R/Com. "B" 9516.
3.1.7.1. "A" 1199 I 4.2.6.1. R/Com. "B" 9516.
3.1.7.2. "B" 9516
3.1.7.3. "A" 1199 I 4.2.6.2. R/Com. "B" 9516.
3.1.7.4. "A" 1199 I 4.2.6.4. R/Com. "B" 9516.
3.1.7.5. "A" 1199 I 4.2.6.3. R/Com. "B" 9516.
3.1.7.6. "A" 1199 I 4.2.6.5. R/Com. "B" 9516.
3.1.8.1. "A" 1199 I 4.2.7.1.
3.1.8.2. "A" 1199 I 4.2.7.2.
3.1.9.1. "A" 1199 I 4.2.8.1.
3.1.9.2. "A" 1199 I 4.2.8.2.
3.1.9.3. "A" 1199 I 4.2.8.3. R/Com. "A" 6341.
3.1.9.4. "A" 3042 R/Com. "A" 6462.
3.1.9.5. "A" 6341
3.1.9.6. "A" 8288
3.1.10. "A" 1199 I 4.2.9. R/Com. "B" 9516.
3.2.1. "A" 1247 4.3.1. R/Com. "A" 8131.
3.2.2. "A" 1247 4.3.2.
3.2.3. "A" 1247 4.3.3.
3.2.4.1. "A" 1247 4.3.4.1. R/Com. "A" 3042.
3.2.4.2. "A" 1247 4.3.4.2.

SAVINGS DEPOSITS, SALARY ACCOUNTS AND SPECIAL ACCOUNTS CONSOLIDATED TEXT SOURCE NORM OBSERVATIONS Sec. Point Para. Com. Annex Ch. Sec. Point Para.
3.
3.13. "A" 7571 2. R/Com. "A" 7649, 7650,
7667, 7732, 7743, 7768,
7770, 7813, 7846, 7854,
7868, 7898, 7908, "B" 12496,
12511, 12512 and 12539 (inclu- des regulatory clarification).
3.14. "A" 7570 2. R/Com. "A" 7603, 7649 and
7650 (includes regulatory clarification).
3.15. "A" 7664 20.
3.16. "A" 8062 1. R/Com. "A" 8090, 8106,
8110, 8123 and 8131.
3.17. "A" 8288
4.
4.1. "A" 3042 R/Com. "A" 5728, 6273 and
6709.
4.2. "A" 1891 R/Com. "A" 1922, 3323,
4875, 6273, 6709 and 8131.
4.3.1. 1st "A" 2530 1st
2nd "A" 2530 3rd and
4th
4.3.2. "A" 2530 2nd
4.4.1. "A" 1199 I 5.3.1.
4.4.2. "A" 1199 I 5.3.2.
4.4.3. "A" 1199 I 5.3.3.
4.4.4. "A" 3042
4.4.5. "A" 1199 I 5.3.4.
4.4.6. "A" 1199 I
5.3.4.1. and
5.3.4.3.
4.4.7. "A" 627 1. R/Com. "A" 6419.
4.5. "A" 1199 I 5.1.
4.5.1. "A" 1199 I 5.1.1.
4.5.3. "A" 1199 I 5.1.3. R/Com. "A" 5990.
4.6.1. "A" 1199 I 5.2.1. R/Com. "A" 3042.
4.6.2. "A" 1199 I 5.2.2. R/Com. "A" 3042, 4809,
5482, 6042 and 6448.
4.7. "B" 6572 R/Com. "A" 5388.
4.8. "A" 4809 6. R/Com. "A" 5986 and 6249.
4.9. "A" 4809 7. R/Com. "A" 5164, 5520, 5612
and 6639.
4.10. 1st "A" 5212
4.10.1. "A" 5127
3.
R/Com. "B" 9961, "A" 5164,
5212, 5473, 5718, 5778,
5927 and 7192.
4.10.2. "A" 5212 R/Com. "A" 5718 and 7192.
4.11. "A" 5482 R/Com. "A" 5928 and 6681.
4.12. "A" 5482
4.13. "A" 5588 R/Com. "A" 7337.
4.13.1. "A" 5588 R/Com. "A" 7337, 7484,
7509, 8075 and 8131.
4.13.2. "A" 7337 R/Com. "A" 8131.

4.1.1. Stable deposits.
Includes deposits in pesos in checking accounts, savings accounts, salary/social security accounts, Labor Termination Fund for Workers in the Construction Industry, Labor Termination Fund for Workers covered by Law 20.744, ward accounts, savings accounts for the payment of social aid plans or programs and time deposits – in the latter case, when the holder maintains other relationships with the financial entity that make it likely that the withdrawal of such deposits within a 30-day period is improbable – that are covered by the deposit guarantee insurance system, to the extent that their total balance for the same holder does not exceed one third of the amount provided in point 4.2.1. – the entity, when dealing with accounts or deposits constituted in the name of two or more holders, must distribute the balance proportionally among them –. This balance will be calculated by accumulation of accounts and deposits in the financial entity, unless it is a controlling financial entity subject to consolidated supervision, in which case the accumulation will be on a consolidated basis. These deposits will be included in this category up to the limit established in the CO on Application of the Deposit Guarantee Insurance System – with adjustment to the conditions provided therein –, the financial entity must apply to the amount exceeding that limit the treatment of "Other retail deposits" contemplated in point 4.1.2. The factor provided in point 6.1.1.1. will apply.
4.1.2. Other retail deposits.
This category contemplates retail deposits not included in point 4.1.1. or that the financial entity cannot identify as stable in accordance with what is provided in that point. The following will apply:
i) Checking deposits in pesos: factor provided in item i) of point 6.1.1.2. ii) Time deposits in pesos (includes those with a residual maturity greater than 30 days in which the entity admits prepayment within 30 days without penalty): factor provided in item ii) of point 6.1.1.2. iii) Checking and time deposits in foreign currency: factor provided in item iii) of point 6.1.1.2.
4.2. Loss of uninsured wholesale funding.
"Uninsured wholesale funding" will be considered as liabilities and other obligations with counterparties that have the character of legal persons, or that being natural persons are considered SMEs, or constitute Special Purpose Entities (SPE) – a term that, for the purposes of these provisions, refers to investment vehicles such as trusts and common investment funds – and that are not guaranteed with rights over specifically designated assets of the financial entity that could be exercised in the event of their bankruptcy, liquidation or restructuring due to liquidity and/or solvency problems – article 35 bis of the Financial Entities Law –. B.C.R.A. LIQUIDITY COVERAGE RATIO
Section 4. Total cash outflows.
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B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON LIQUIDITY COVERAGE RATIO CONSOLIDATED TEXT SOURCE NORM OBSERVATIONS Section Point Paragraph Com. Ch./
Annex Point Paragraph
1.
1.1. "A" 5693 3. According to Co