Chile’s Pinera counters opposition pensions withdrawal bill with own initiative
Chilean President Sebastian Pinera on Sunday announced the government will launch its own bill to allow citizens to draw more from their private pensions in a last-ditch attempt to kill off a similar move led by the opposition.
Pinera said his proposed rival bill would be subject to means-tested taxation and would allow for the withdrawn funds to be gradually repaid through state and employer contributions.
The president said his initiative was a better option than the opposition’s bill, which the government says would leave millions of future pensioners with little to no savings.
Chileans have previously withdrawn two tranches of 10% from their privately held pension pots after opposition-led proposals aimed at addressing economic hardship caused by the coronavirus pandemic drew criticism from the government but support from ruling coalition lawmakers.
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