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Pinera's bill is a forced move to tackle widespread criticism across the political spectrum and the population after he presented a request to the Constitutional Court to prevent a third pension withdrawal from advancing in Congress. On April 20 Chileans took to the streets despite curfew to demonstrate against the presidential objection.
Chile's President Sebastian Pinera introduced on Monday his own pension fund bill to challenge the one approved last week by the Senate, which passed a bill to allow a third withdrawal of these funds amid the COVID-19 pandemic.
During a speech on Sunday, Pinera said that the bill promoted by the opposition "would leave more than 5 million people without any pension savings." The president, who has tried to halt similar initiatives on two occasions, said that his project "establishes a mechanism to recover these pension savings withdrawn, thus strengthening future pensions."
Cientos de familias chilenas de la poblaciones como La Pincoya, José Maria Caro, La Bandera y El Barrero del Movimiento Solidario Vida Digna marchan por Santiago para exigir renta solidaria universal y un plan de vivienda @teleSURAgenda_A@teleSURtvpic.twitter.com/6DVdVQ1Qp7
"Hundreds of Chilean families from towns such as La Pincoya, José Maria Caro, La Bandera and El Barrero from the Vida Digna Solidarity Movement march through Santiago to demand universal solidarity income and housing plan."
However, Pinera's bill is a forced moved to tackle the widespread criticism among the political spectrum and the population after he presented a request to the Constitutional Court to prevent the third withdrawal from advancing in Congress. On April 20, Chileans took to the streets despite curfew to demonstrate against the presidential objection.
The pension fund bill sent to Congress today allows the withdrawal of up to $6,100 and a minimum of $1,400, similar to the opposition project. However, Pinera would include a state bond for $280 allocated to people who no longer have pension funds. On the other hand, he would appeal to the state and the employers to recover the fund as each one of them would contribute one percent of the income, which would go directly to supporting the private companies that have nearly complete control of the Chilean pension system.
#FromTheSouth News Bits | Chile saw a third day of protest on Thursday in support of the proposal for a third withdrawal of ten percent of private pension funds as well as to demand the resignation of President Sebastian Piñera. pic.twitter.com/yIkXMvjLex