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LatinNews Daily - 31 July 2020

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In brief: Chileans rush to withdraw funds as pension law takes effect

* 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.