Wait A Minute Chile's Nest Eggs Are Cracked

It's not often that a union calls for layoffs in its own industry, but that's what is happening in Chile's ballyhooed private pension fund system. The companies running the system, known as pension fund administrators (AFPs) quadrupled their sales forces, to 20,000, between 1992 and 1994. "There should only be 5,000 salespeople," says Reinaldo Valenzuela, secretary general of the AFP workers' union.

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