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| - Chile's lower house, the Chamber of Deputies, on Wednesday approved a bill allowing early withdrawals of up to 10 percent from private pension funds during the COVID-19 pandemic. The reform, approved by 95 votes to 25, dealt a severe blow to the right-wing government of President Sebastian Pinera, which opposed the move. It still needs to be passed by the Senate to become law. It is the first time that Congress, where the opposition holds a majority, has considered legislation on the issue. "We regret the result of this vote. It is a shortcut that does not take care of tomorrow's pensions," said Finance Minister Ignacio Briones. The proposal calls for the one-time withdrawal of up to 10 percent of an individual's pension fund, capped at a minimum of $1,250 and a maximum of $5,300, in two parts. It also creates a collective pension fund financed by contributions from employers and the state to compensate for the reduction in savings, which will be administered by a public and autonomous entity. pa/pb/gm/st/ch
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