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rdf:type	schema:NewsArticle
schema:articleBody	Chile's Senate will on Wednesday vote on a law allowing citizens to withdraw up to 10 percent of their pension funds to help mitigate the effects of the coronavirus pandemic. The law, which is expected to be passed, would then return to the lower house Chamber of Deputies, which has already approved it, for a final and decisive vote. The new law has been opposed by the government of President Sebastian Pinera but is supported by several senators from the governing coalition. Should it change it would be the first major transformation of the privatized system installed under late former dictator Augusto Pinochet that obliges workers to pay 10 percent of their salaries into an individual account that is managed by the administrators of private pension funds -- known as AFPs. Those AFPs are deeply unpopular in Chile and were one of the main focal points when widespread anti-government protests erupted in October 2019. Many people had seen their pensions fall to below the minimum wage of 301,000 pesos ($390) when their pension plans were supposed to guarantee them 70 percent of their last salary. When the Chamber of Deputies first approved the law last week, the sound of pots and pans being banged -- a popular method of both protest and celebration in Latin America -- could be heard throughout the country. If the law is passed, 10.9 million people will be able to withdraw up to 4.3 million pesos ($5,400), and a minimum of one million pesos from their pension funds. Those whose savings are less than that can withdraw the entirety. A similar measure in Peru in May saw hundreds of thousands of people withdraw up to $3,700 from their pension funds. Pinera opposed the law and tried to resist it by announcing a package of measures to support the middle classes, with a $630 bonus and low interest loans of $1,900, but to no avail. He failed to seduce a number of rebel legislators from the ruling coalition whose political futures depend on the middle classes, many of whom feel abandoned by the government. pa/al/bc/ch
schema:headline	Chile's Senate expected to pass pension reform law
schema:mentions	Latin America Augusto Pinochet Avail Sebastián Piñera Senate of the Philippines Chilean peso Dictator Minimum wage Pension Peru Chile Pandemic Coronavirus President of the United States
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-22 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	77 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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