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Pension Reform Plan Unveiled By President Boric, CLP Weakens

CHILE
  • President Boric described the current pension system as “in crisis” before unveiling a pension reform plan that seeks to meet one of the key social demands nationwide, and “finish” with the existing private pension managers, known as AFPs. Funds currently held by AFPs won’t be expropriated.
  • The new law would force employers to pay an additional 6% of their employees’ wages to a publicly-run social security system to improve current and future retirement payments for the poor.
  • This will be run in parallel to the 10% people already pay into individual savings accounts. Congress still has to approve the bill.
  • The new 6% social security levy will be introduced gradually, Boric said without disclosing a timetable. The Boric administration is also pushing ahead with a tax reform to help accommodate the pension reform bill.
  • Chile’s Finance Minister Mario Marcel speaks at an event held by the Santiago exchange at 9am local time.
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