Chilean President Announces Reform of Pension System

The reform is based on three pillars. Solidarity, financed by the state; Individual Savings, funded by workers and employers; andCollective and Solidarity Savings, funded by employers.

RIO DE JANEIRO, BRAZIL - Chilean President Sebastián Piñera announced that he will send Congress a bill with changes to the pension system, which will benefit more than one million citizens, particularly women, the middle class and the severely dependent elderly.

The announcement was made on Wednesday, January 15th, in a speech on national radio and television networks.

According to Piñera, the reform increases employers' contributions by six percent, and the resources will be administered by independent public institutions.

The reform is based on three pillars. The first is the Solidarity Pillar, financed by the state. The second . . .

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