• Sunday, Nov 28, 2021
  • Last Update : 06:00 pm

Chile policymakers approve fourth pension system withdrawal

  • Published at 10:18 am September 29th, 2021
Chile Government
The Sessions room of The National Congress of Chile is seen after the lawmakers approved for citizens to do another withdrawal from their privately-held pensions savings to combat economic hardship generated by the coronavirus disease (Covid-19) pandemic, in Valparaiso, Chile, April 23, 2021 Reuters

Some $50 billion have already been pulled out of the system in the first three authorized withdrawals

Chilean lawmakers on Tuesday authorized a fourth 10% withdrawal from the country's privately run pension system to alleviate hardship resulting from the coronavirus pandemic.

Approval of the popular measure -- opposed by the conservative government of President Sebastian Pinera -- was announced via the lower chamber's Twitter account.

With November 21 general elections looming, 17 pro-Pinera lawmakers crossed party lines to approve the measure, which also must be passed by the Senate to become law.

Since September 2020, Congress has approved three pension fund withdrawals, each of 10%.

The Pinera administration says a fourth withdrawal is unmerited, arguing it will result in rising inflation and that the post-pandemic economic recovery is already underway.

Total withdrawals could amount to between $12 billion and $16 billion.

Some $50 billion have already been pulled out of the system in the first three authorized withdrawals.

Chile's unpopular, privately run retirement system is a legacy of the Augusto Pinochet 1973-1990 dictatorship.

Outrage over low retirement payouts and demands to overhaul the pension scheme were key issues fueling violent protests that shook Chile in 2019.

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