Chile's Congress approves reform to private pension system
- Chile's Congress approved a pension reform, marking a significant shift in the country's retirement system, with 110 votes in favor and 38 against.
- The new law introduces a mixed pension system combining contributions from the state, employers, and workers, addressing low pension amounts and gender inequality.
- The reform increases employer contributions and raises the guaranteed minimum pension to 250,000 pesos for those 65 and older, while retaining the pension fund administrators.
- Critics argue the reform does not go far enough in dismantling the AFP system, while supporters believe it balances improving pensions and preserving individual savings accounts.
74 Articles
74 Articles
Chile's Pension Reform: Balancing Individual Freedom and Social Security
Chile’s Congress has approved a landmark pension reform, marking a significant shift in the country’s retirement system. President Gabriel Boric secured this legislative victory after extensive negotiations with lawmakers and business leaders. The new law introduces a mixed pension system that combines contributions from the state, employers, and workers. This change addresses longstanding issues of […]
The 2023 pension reform caused more strikes in companies, but fewer than in 2010
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Chile Passes Bill To Reform Private Pension System
Chile Congress Gives Final Backing to Long-Sought Pension Reform
Chile’s Congress gave its final approval to a reform that will boost pensions for current and future retirees, handing President Gabriel Boric a bittersweet win following major concessions from his government.
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