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Chilean Congress Approves Pension Reform Bill

President Boric's Proposal Advances

Lower House Gives Provisional Approval

The lower house of Chile's Congress has provisionally approved a reform of the country's private pension system. The bill, presented by leftist President Gabriel Boric, seeks to replace the existing system with a state-run one.

The bill would create a new public pension system that would be mandatory for all workers. The system would be funded by employer and employee contributions, and it would provide a guaranteed minimum pension for all retirees.

The bill still needs to be approved by the Senate before it can become law. However, Boric has pressured lawmakers to vote on the legislation quickly, arguing that it is essential to address the country's pension crisis.

The existing Chilean pension system is a privately run system that has been criticized for its high fees and low returns. Many Chileans have been forced to retire in poverty because they have not saved enough money through the private system.

Boric's proposed reform is intended to address these issues by creating a more equitable and sustainable pension system for all Chileans.

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