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Lawmakers To Debate Third Pension Withdrawal

CHILE
  • Chile's Lower House could vote as early as today on legislation allowing workers to tap up to 10% of their retirement funds. It would need backing from three-fifths of the 155 deputies.
  • The government argues the bill will leave a black hole at the centre of the retirement system.
  • The likelihood of the legislation passing has been boosted by support from most lower house members of President Pinera's own party as it remains very popular with the electorate.
  • NB - Even if legislation passes the floor vote and then the senate, it would likely face a protracted legal battle.

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