Chile: Deputies Seek to Speed up Approval of Pension Initiative

Chile's Socialist Party (PS) deputies Saturday will seek to accelerate the approval of a constitutional reform that will allow people to use their pension funds to face the economic crisis generated by the pandemic.

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Although the reform was scheduled to be rediscussed next week, PS deputies have called to speed up the process. 

"Our mission is to respond as soon as possible to the urgent needs of Chilean families," the socialist deputies announced in a statement.

Last Wednesday, the Chamber of Deputies approved the bill that will allow members of the Pension Fund Insurance companies (AFP) to take out up to 10 percent of their savings from these entities.

This approval was a defeat for Sebastian Piñera's government, which refuses to allow the insurance companies to make such a concession.

After the Chamber of Deputies' approval, the project was scheduled to be discussed on Thursday. Thereafter,  it will be the Senate that will determine the application of this Constitutional Reform.

"If we continue to drill the institutions, we are going to become a poor, unequal country with a weak democracy," Chile's Economy Minister Lucas Palacios said.

Most of the deputies do not share that idea, even those on the right-wing. 

So far, some conservative-leaning senators have begun to lean toward voting in favor of this new bill.