Chile Legislators Revive Push to Allow Withdrawing All Pension Account Money
- Convention rejected proposal to safeguard pension savings
- There’s no sign of broad support for withdrawal of all money
Commuters wait for a train at a subway station in Santiago, Chile, on March 28.
Photographer: Cristobal Olivares/BloombergThis article is for subscribers only.
Chilean opposition lawmakers are considering legislation that would allow workers to withdraw all of their pension savings, the latest move on the private system that lost $50 billion during the pandemic.
A convention committee on Tuesday voted down a measure dubbed “con mi plata no” -- “do not mess with my money” -- that would have made it illegal for the government to seize those funds. Instead, the committee, dominated by left-wing parties, approved a proposal creating a social security system administered by not-for-profit public entities.