Chilean President Sebastian Pinera on Sunday announced the government will launch its own bill to allow citizens to draw more from their private pensions in a last-ditch attempt to kill off a similar move led by the opposition.
Pinera said his proposed rival bill would be subject to means-tested taxation and would allow for the withdrawn funds to be gradually repaid through state and employer contributions.
The president said his initiative was a better option than the opposition’s bill, which the government says would leave millions of future pensioners with little to no savings.
Author(s): Aislinn Laing
Publication Date: 25 April 2021
Publication Site: NASDAQ