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News > Chile

Chile: Second Withdrawal of Pension Funds Supported by Chamber

  • Sebastián Piñera's government rejected a second withdrawal arguing that

    Sebastián Piñera's government rejected a second withdrawal arguing that "it is not good public policy." | Photo: Twitter/@FedRegionalista

Published 10 November 2020
Opinion

With 130 votes in favor, 18 against, and two abstentions, the Chamber of Deputies embraced the bill to pass to the Senate. Also, the lawmakers unanimously approved the total withdrawal of pension savings for terminally ill patients. This to help people facing the COVID-19 pandemic.

Chile's Chamber of Deputies approved on Tuesday a second bill to withdraw 10 percent of the pension funds (AFP), a decision largely supported by lawmakers and the public and firmly rejected by the government.

RELATED:

Chile: Lower House Debates Second Bill on Pension Fund

With 130 votes in favor, 18 against, and two abstentions, the Chamber of Deputies embraced the bill to pass to the Senate. Also, the lawmakers unanimously approved the total withdrawal of pension savings for terminally ill patients. This to help people face the COVID-19 pandemic. 

Sebastián Piñera's government rejected a second withdrawal arguing that "it is not good public policy." Other opponents to the decision remarked that after the first withdrawal of the pension funds back in July, almost 4 million people were left without saving in their AFPs.

"APPROVED IN GENERAL 2ND WITHDRAWAL 10% By 130 votes in favor, 18 against and two abstentions, @Camara_cl approved in general constitutional reform #Retiro10 #Regionalists demand 10% Without a Girl's Letter."

However, lawmaker Jorge Durán, one of the co-authors of the bill, pointed out during an interview with CNN Chile that "we all know that this second measure is not the best, it is not optimum for future pensions. But when there are no other alternatives, when the government fails to reach some segments that, for one reason or another, the focus leaves them out, the best alternative is the second retirement."

Nonetheless, the deputy warned that he would not support the third withdrawal and confirmed that this was the last option. Today's vote in the Chamber of Deputies surpassed the first withdrawal's unprecedented acceptance, which achieved 95 votes in favor.

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