LatinNews Daily - 21 July 2020

* The constitutional committee in Chile’s senate has approved a constitutional amendment which would permit Chileans to make a withdrawal of up to 10% from their mandatory pensions fund. The initiative has already been approved in the chamber of deputies, dealing a major blow to the government led by President Sebastián Piñera, which opposes the measure. It now goes to the senate plenary to be voted upon. Changes introduced to the bill approved by the senate committee include a deadline of up to 360 days to request the withdrawal of funds once the reform has been published; the creation of a collective solidarity pension fund; and a provision allowing the payment to be made in two instalments of up to 75 UF (Chilean Unit of Account).

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