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LatinNews Daily - 29 October 2018

In brief: Chile

* Chile's President Sebastián Piñera has presented a plan to reform the country’s pension system with the aim of incentivising later retirement and more competition in the management of pension funds. In a televised address, Piñera said he would ask employers to gradually raise their contribution to workers’ pension funds from 10% to 14%. He added that the government will commit to raising its contributions to 1.12% of GDP, compared to the current 0.8%, to finance smaller pensions. Additional funds will be provided for the middle class, women, and those who delay retirement. Under the proposed reform, workers will also be able to choose who administrates the additional 4% paid by employers. On Twitter, Piñera said that the reform is “just, urgent and necessary, and it requires greater effort…from employers and the state”.

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