July 24, 20 - 10:36 am - LABS

Chilean Congress approves reform that allows withdrawals of retirement funds

The Chilean Congress concluded yesterday the approval of a bill that authorizes people to withdraw 10% of their retirement funds during the coronavirus pandemic, reports Valor Econômico.

Contrary to the initiative, Chilean President Sebástian Piñera can veto the project, that now goes to presidential sanction, or appeal to the Constitutional Court. President Piñera has been facing pressure not only because of this bill, but also from street protests. Piñera was one of the targets of the great protests of 2019-2020 before the pandemic.

If the project is approved, the maximum amount that Chileans can withdraw is CLP 4.3 million (nearly $6,000) and the minimum of CLP 1 million (about $1,200).