Welcome relief for many cash-strapped Chileans

Santiago – Chile’s opposition-controlled Senate this week approved a government-backed Bill that would allow citizens to make a second withdrawal from their public pensions to further blunt the economic impact of the coronavirus pandemic.

The Bill, which now goes to the lower house of Congress for a vote, will permit withdrawals of up to 10% from the country’s private pension system. That matches the cap placed on the first withdrawal passed by Congress in July.

Earlier, a nearly identical Bill backed by the opposition and some members of the ruling coalition – but opposed by President Sebastian Pinera – was rejected in the Senate after the centre-right leader introduced rival legislation. –