Chamber of Deputies of Chile rejects a fifth withdrawal of pension funds

Deputies in Chile approve early retirement of pensions (2020) 1:34 (CNN Spanish) — The Chilean Chamber of Deputies rejected on Monday two bills that sought to allow people to withdraw, for the fifth time since the beginning of the pandemic, up to 10% of their pension funds. The first project was promoted by parliamentarians and did not place restrictions on affiliates, while the text promoted by the government of Gabriel Boric only allowed the withdrawal of money for the payment of debts. A group of people line up in front of an office of a Pension Fund Administrator (AFP) to carry out the procedures to withdraw their funds in Santiago, on April 20, 2021. (Credit: Martín Bernetti / AFP / Getty Images) The executive had strongly opposed the fifth withdrawal due to the high inflation it could cause in the country. The Minister of Finance and former president of the Central Bank of Chile, Mario Marcel, said this Monday on Radio Infinita that “the fifth withdrawal puts the government program and the well-being of people at risk,” and assured that inflation could rise up to five percentage points. In March of this year, inflation in 12 months in Chile reached 9.4%.