CHILEAN GOVERNMENT PROPOSES AMENDMENTS TO THE PENSION SYSTEM IN CHILE

Recently, the Chilean Government introduced a bill to the Congress that intends to amend the Chilean Pension System.

The proposed amendments have the following purposes: (i) to expand current and future benefits of the so called “Solidary Pillar”; (ii) to enhance future pensions derived from the employees’ mandatory savings; (iii) to improve women and middle classes current and future pensions; (iv) to promote competition in the Pension Funds Managers (“PFM”) industry; (v) to encourage pension education and to foster pension information; (vi) to increase PFM’s transparency system; (vii) to strengthen the Pension System oversight, and (viii) to create a dependency subsidy and a dependency insurance designed for people over 65 years old that are in a dependency situation.

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