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CHILE: Government Reaches Agreement To Advance Pension Reform

CHILE
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  • The government has reached a deal with the opposition on some parts of its pension reform, according to Labour Minister Jeannette Jara. She said that the Senate had been presented with amendments to the reform and that after months of talks, points of agreement had been found to advance it.
  • The reform would increase employer contributions to 8.5% of workers' salaries, according to Bloomberg, with 4.5% going directly to individual savings accounts and 1.5% temporarily going towards increasing payouts for retirees.
  • The Senate’s labour committee agreed to debate on the reform and will now move to article-by-article votes. Senators have an agreement to put the legislation up for a floor vote this month, and if approved it must go back to the lower house before becoming law.
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  • The government has reached a deal with the opposition on some parts of its pension reform, according to Labour Minister Jeannette Jara. She said that the Senate had been presented with amendments to the reform and that after months of talks, points of agreement had been found to advance it.
  • The reform would increase employer contributions to 8.5% of workers' salaries, according to Bloomberg, with 4.5% going directly to individual savings accounts and 1.5% temporarily going towards increasing payouts for retirees.
  • The Senate’s labour committee agreed to debate on the reform and will now move to article-by-article votes. Senators have an agreement to put the legislation up for a floor vote this month, and if approved it must go back to the lower house before becoming law.