Chile’s Chamber of Deputies rejects fifth withdrawal of pension funds

RIO DE JANEIRO, BRAZIL – Chile’s Chamber of Deputies on Monday rejected two bills to allow citizens to withdraw up to 10% of their pension funds for the fifth time since the pandemic began.

The first bill was supported by parliamentarians and placed no restrictions on affiliates, while the text supported by Gabriel Boric’s government only allowed withdrawals to be used to pay debts.

The executive branch strongly opposed the fifth withdrawal because of the high inflation it could cause in the country.

Finance Minister and former president of Chile’s Central Bank, Mario Marcel, said Monday on Radio Infinita that “the fifth withdrawal jeopardizes the government program and the welfare of the people,” claiming that inflation could rise by up to five percentage points.

In March this year, 12-month inflation in Chile reached 9.4%.

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