Chile’s President Announces Reform to Fix Pension Crisis

President Gabriel Boric unveiled plans for a major overhaul of Chile’s pension system, introducing the state as co-administrator of private savings and drastically changing the program that has underpinned the nation’s capitals markets for four decades.

The new plan would force employers to pay an additional 6% of their employees’ wages to a publicly-run social security system to improve current and future retirement payments for the poor. That will be on top of the 10% people already pay into individual savings accounts.