Latin American Economy & Business - August 2016 (ISSN 1741-7430)

Amid widespread dissatisfaction with the administration led by President Michelle Bachelet, August saw massive demonstrations calling for wholesale reform of Chile’s private pensions system. The central issue behind these protests is that the retirement incomes provided by the system are far too low for many. It should be possible for the government to address the issue. However, a solution will require greater contributions from the government, as well as employers and self-employed workers. Reform will neither be quick nor easy.