* Chile’s superintendence of pensions (SP) has reported that just over 3m people requested to withdraw their retirement funds on the first day after a
controversial new law came into effect enabling individuals to withdraw up to 10% of their mandatory pensions to ease the economic strain caused by the coronavirus (Covid-19) pandemic. In a statement, SP noted that this figure includes only six of the seven private pension fund administrators that together manage all of Chile’s retirement savings, as a surge in online activity caused one of them to crash. Under the new law, individuals have up to one year to request the pension advance.
End of preview - This article contains approximately 105 words.
Subscribers: Log in now to read the full article
Not a Subscriber?
Choose from one of the following options