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Weekly Report - 30 September 2021 (WR-21-39)

CHILE: Fourth pension drawdown close to approval

Chile’s lower chamber of congress approved a fourth 10% voluntary draw-down of pension savings in a key vote on 28 September. Three pension drawdowns have already been authorised in July and December last year, and again in April this year. Supporters of the drawdowns say they have helped reduce hardship during the worst of the recession triggered by the coronavirus (Covid-19) pandemic. Opponents, including the government, say that by reducing available capital in the privatised pension system, they will have a long-term negative effect on pension pay-outs.

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