> Chilean retirees react to reform of country's private pension system / 36WL9NM
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Chilean retirees react to reform of country's private pension system / 36WL9NM
Clip ID 2266575
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Description
"This is the first time something has been achieved with common sense and with the needs of the most vulnerable in mind," says 79-year-old retiree, Alvaro Parra, referring to the Chilean Congress' approval of President Gabriel Boric's reform of the country's privatized pension system, a leftover from the Augusto Pinochet dictatorship.
From 1981 to now, Chilean workers paid 10 percent of their salaries into private plans for their retirement without any contribution from their employers, including the state. The new bill would see employers contribute 8.5 percent of a worker's salary on top of the 10 percent paid by employees to a mix of private plans and a public social security fund.
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