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News > Chile

Chile: Senate Has Approved the Partial Withdrawal of Pensions

  • Protests against private pension agencies, Santiago, Chile, Sep. 12, 2016.

    Protests against private pension agencies, Santiago, Chile, Sep. 12, 2016. | Photo: Twitter/ @john_cant

Published 22 July 2020
Opinion

Left-wing parties also had the support of centrist and right-wing lawmakers in open defiance of the right-wing government of Sebastian Piñera, delivering a powerful blow to the president. 

The final vote was 29 for and 13 against and one abstention, with 26 votes needed for passage of the reform in general. It now heads back to the lower house.

Approved. By 29 votes in favor, 13 against and one abstention, the Senate generally approves the constitutional reform project that allows the exceptional withdrawal of social security funds. Additionally, the first paragraph of the standard was approved. This is the detail of the vote.

The constitutional reform enables citizens to partially withdraw their pension savings in the context of the coronavirus pandemic from Private Pension Fund Insurers (AFP)

RELATED: 

Why Are Chileans Fighting for Their Pensions?

The lawmakers had to vote for eight amendments. If at least one of them is approved, the bill will be sent to the Chamber of Deputies for its third constitutional procedure on Thursday.

Left-wing parties hold that the future of the law will depend on what the Senate does today because the Constitution Commission made modifications to the original proposal.

"We want to be able to dispatch the third step of the 10 percent AFP project on Thursday," the Chamber president Diego Paulsen said.

However, the opposition thinks about the possibility that the fund will be rejected by the upper chamber because it would leave less space for an eventually mixed commission.
 
"If approved in the Senate, we are able on Thursday to ratify the changes in the Senate and, if everything goes well, we could dispatch this constitutional reform for the promulgation of the President," the Constitution Commission president Matias Walker said
 
The Executive branch is evaluating the possibility of entering a presidential veto, a situation that would open a new legislative process and delay the enactment of the law.
 

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Chile AFP Pension Reform

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Sebastian Piñera

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by teleSUR/ lp-JF-MS
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