The 10% solution: fiddling with Chile's pensions

CHILE - Report 21 Jul 2020 by Robert Funk and Igal Magendzo

The House of Deputies last week passed a bill that would allow some Chileans to withdraw 10% of their AFP savings. The approval of the measure, which is intended to provide further relief to those suffering from the economic fallout from the coronavirus crisis, was met with indecorous scenes of celebration on the part of left-wing deputies, and cries of calamity from many on the right. The worry from government parties was exacerbated by the fact that thirteen of their deputies voted in favor of the measure. For some, this was a tremendous victory for the common woman and man, for others it represents the near collapse of the Chilean economic model. They’re both wrong.

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