Chilean economy receives millions in pension funds
17 de septiembre de 2020, 1:0
Santiago, Chile, Sep 17 (Prensa Latina) More than 15 billion dollars are circulating in Chile after the implementation of a constitutional reform that authorized the withdrawal of money from pension fund insurance companies.
According to the latest report from the Superintendence of Pensions, since that measure came into force 49 days ago, after being approved by Parliament, the pension fund insurance companies have disbursed 15.9 billion dollars, which account for 10% of pension savings of more than nine million affiliates of those firms.
The approval of the constitutional reform resulted in one of the hardest political defeats by the Government of President Sebastian Piñera, who strongly opposed the initiative, promoted by the opposition parties, claiming that it would be a debacle for the country's economy.
Contrary to the Executive's fears, the strong injection of capital has reanimated domestic consumption and the economic activity, which was depressed by the health crisis, and has even prevented a further contraction of the Gross Domestic Product (GDP) in the past month.
According to the Superintendence of Pensions, 87% of affiliates of the system of pensions, or 9,582,608 persons, requested the withdrawal of their funds.
In addition, 93% of them have received an average payment per person of nearly 1.3 million pesos (some 1,660 dollars).
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