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Chile Raising Unemployment Benefits as Jobless Rate Grows

Chile’s government announced plans to increase unemployment benefits, a week after Finance Minister Felipe Larrain said the economy of the world’s top copper producing nation was operating at near full employment.

Workers who had contracts for an indefinite term will be able to draw 70 percent of their monthly salary in the first month after losing their job rather than today’s 50 percent, President Sebastian Pinera said in a speech televised live on state television. The benefits are part of an insurance system financed by workers, employers and the government.