The chilean They began on Monday the process to withdraw, for the third time since the beginning of the pandemic, their pension savings, a measure proposed to alleviate the crisis that has generated the coronavirus covid-19 and that it can mean the exit of 19,000 million dollars of the funds.

Chile gave the green light a week ago to an initiative that allows the withdrawal of 10% of individual pension savings accounts, a mandatory contribution for workers, and managed by the Pension Fund Administrators (AFP), private companies.

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In less than an hour since the term was opened, more than half a million Chileans had already submitted the request to withdraw the amount from their account, according to local media.

This procedure, which will be carried out online during the first two weeks, could benefit around 10 million taxpayers who will receive the money in their accounts in less than 15 days, according to data from the Association of AFPs.

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This is the third withdrawal approved by Chile, after those of July and December, which represented between the two a disbursement of more than 37,000 million dollars for private funds, according to the Superintendency of Pensions.


Around 3 million pensioners no longer had savings for a third withdrawal of 10% in February due to the two previous withdrawals, according to the regulator.

This was one of the arguments that the Government used to directly oppose the project and the reason why they entered a project, which will begin to be debated this Monday in Parliament and that seeks to deliver a bond of 200,000 pesos (280 dollars) for those who have run out of funds.

The withdrawals generate controversy: while the detractors point out that they represent a way to mortgage the future of the taxpayers, the defenders believe that the pandemic is lasting longer than expected and that the 18,000 million dollars in aid announced by the Government “are not reaching out to the people ”.

Despite being one of the countries with the largest vaccinated population in the world, Chile is going through the worst moment of a second wave of covid-19 that forced the imposition of massive quarantines and that is leading to the end of thousands of businesses that had managed to save themselves from the confinement of 2020, the year in which the gross domestic product (GDP) suffered a drop of 5.8%.

The Chilean pension model, implemented by the dictatorship of Augusto Pinochet (1973-1990) and a pioneer in the region in establishing individual capitalization, is widely criticized for the ridiculous pensions it offers and the millionaire benefits of the private companies that manage the funds. .


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