*Chile’s senate has begun reviewing the pension reform proposal tabled by the leftist government led by President Gabriel Boric which passed the lower house in late January. The reform is aimed at overhauling the country’s pension system, which is operated by private pension fund administrators (AFPs) – a scheme which topped the list of protester complaints during the 2019-2020 ‘Estallido Social’ social unrest. Under the bill approved by the lower house on 24 January, AFPs will continue to exist but a public entity will take over the entire pension-related administration, such as collecting contributions and paying out pensions. Among other things, the proposed bill introduces measures to heighten fee competition and seeks to increase the state-paid minimum guaranteed pension to Cl$250,000 (US$254). However, the lower chamber threw out several key articles, such as a clause stipulating that employers divvy up new pension payments between workers’ individual savings and a solidarity fund.
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