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Chile Lower House Backs New Pension Withdrawal in Landslide

Chile Lower House Backs New Pension Withdrawal in Landslide Bloomberg 1 hr ago © Provided by Bloomberg (Bloomberg) Chile’s lower house overwhelmingly approved a third round of early pension withdrawals on Thursday in a blistering show of defiance against President Sebastian Pinera as the country prepares for elections this year. Deputies backed a bill allowing workers to tap up to 10% of their retirement cash amid the pandemic, with 120 in favor and 18 against in the decisive, article-by-article vote. The proposal, which moves to the senate, garnered support from pro-government legislators including members of Pinera’s party. The wide margin of approval raises pressure on Pinera as he grapples with a record-breaking coronavirus surge. Investors say the bill would drain yet more money from the pension funds, the bedrock of Chile’s capital markets, after billions of dollars were withdrawn in two previous payouts. Still, the measure is popular with voters amid calls fo

Chile Nears Key Pension Withdrawal Vote in Jab at Pinera

Chile Nears Key Pension Withdrawal Vote in Jab at Pinera Bloomberg 6 hrs ago © Provided by Bloomberg (Bloomberg) Chile’s lower house is likely to approve a third round of early pension fund withdrawals as soon as Thursday, defying President Sebastian Pinera as the country prepares for elections later this year. Lawmakers started debate on legislation allowing workers to tap up to 10% of their retirement cash amid the pandemic, and lower house President Diego Paulsen said there is an agreement to vote later in the day. It would need backing from three-fifths of the 155 deputies, a possibility that’s been boosted by support from most lower house members of Pinera’s own party.

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