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A Third Pension Withdrawal?

CHILE
  • In March, the Chilean Parliament will resume the discussion of two projects that seek a new withdrawal of 10% of the funds from individual savings accounts, which would become the third withdrawal in less than a year.
  • Opinion remains divided, but a support coalition appears to be growing on the left, with Pamela Jiles leading the charge and powerful political voices such as Marco Ominami speaking out in support.
  • The Government, which promoted the second withdrawal, have indicated that a new withdrawal would not be viable citing the fact that to date, about 2 million people have already run out of funds.
  • The minister of Finance, Rodrigo Cerda, appears closely aligned with his predecessor, Ignacio Briones, arguing that in the long run it does not help the most vulnerable.
  • Along these lines, Cerda emphasized that he does not want to advance in a third withdrawal and that the priority of the government and his portfolio in this matter is to advance in the pension reform.
  • *Previous withdrawals have prompted an appreciation in the Peso, however, analysts note that a third withdrawal may have a limited positive impact this time round. A shift towards more populist actions could put the privately run pension system under severe pressure as the constitutional assembly beckons.
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