Chile’s Senate Rejects Pension Withdrawal Bill, now to Vote on Pinera’s Plan B

Pinera has long argued that early withdrawal from the system jeopardizes the long-term pensions of the poorest Chileans, offers a tax-free windfall to rich people who do not need it, and may not be legal under the constitution. His opponents say Chileans need economic help now.

RIO DE JANEIRO, BRAZIL - Chile’s Senate rejected an opposition-led coronavirus relief bill to give citizens a second opportunity to withdraw funds from their pensions, with lawmakers to vote later on Thursday, November 26th, on a similar bill put forward by President Sebastian Pinera.

Congress let Chileans withdraw up to 10% of their funds from Chile’s private pension system in July to ease the economic burden of the coronavirus lockdown, a measure . . .

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