Santiago de Chile, 22 Mar Chilean Finance Minister Mario Marcel announced Tuesday that the government is preparing an aid plan to accelerate economic recovery, a day after the parliament welcomed a bill to allow a new early withdrawal of pension funds. “The purpose of this plan is to support sectors that may be lagging behind in the recovery, be it sectors of workers or productive sectors,” he said at a press conference. “Our focus is to ensure that we have an economic recovery that is as inclusive as possible,” added the former president of the Central Bank. On Monday, the Chamber of Deputies approved the idea of discussing a new withdrawal of 10% from pension funds, a controversial measure that was approved three times during the pandemic and which many experts point to as one of the causes of historical inflation in the country. Since the arrival of covid-19, three additional withdrawals of 10% have been approved from pension funds, which have so far involved a disbursement of more than 50 billion dollars to entities that manage these monies, the Pension Fund Administrators (AFP). The idea of approving this project is not feasible after a similar initiative was rejected in December because of the possible consequences it could have on the economy due to an increase in the amount of working capital. “What matters most to us is the substantive discussion, that is, to be able to weigh the important costs that we believe a fifth withdrawal would have,” said Marcel, who opposed the previous withdrawals when he was in charge of the issuer during the previous government. Chile is experiencing a sharp increase in prices, with a 7.8% increase in CPI in the last 12 months, which has led the Central Bank to raise the benchmark interest rate by 150 points, from 4% to 5.5%, its highest level since 2011. Chile's pension system, established during the dictatorship of Augusto Pinochet (1973-1990), is a pioneer in individual capitalization and requires each worker to contribute 10% per month of their salary to a fund managed by private companies, the AFP. In recent years it has been widely criticized for the scarce pensions it provides, with half of Chilean taxpayers receiving less than 215,000 pesos ($280) per month of pension, according to data from the Sol Foundation. CHIEF mmm/pnm/lll
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