The Parliamentary Committee of the Chilean Senate failed to reach an agreement on Friday on the fourth early withdrawal of pension funds, so the parliamentary process for its approval was postponed until next week, the local newspaper reported Bíobio.
After this delay, it is unlikely that the project will be validated before the general elections on November 21, which implies a relief for the government of President Sebastián Piñera, which rejects the measure.
The new withdrawal of pension funds was approved this week by the Constitutional Committee of the Upper House, but it remains to be discussed in the full Senate and the vote scheduled.
According to what was reported by the Chilean media, the members of the committee will discuss the initiative again next Tuesday.
Like the previous ones, which arose to sustain the lack of income of Chilean citizens due to the coronavirus pandemic, the project contemplates the fourth early withdrawal of 10% of the provisional funds of the Pension Fund Administrators (AFP) system, the country’s private pension system that has been in force since 1981, when it was implemented by the dictatorship of Augusto Pinochet (1979-1991).
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