At the end of January, Chile approved a pension reform introducing a major change: employers must now contribute 8.5% of their employees’ salaries to the pension scheme. The new law also provides for compensation for women whose careers are more fragmented than those of men.
On 29 January, the Chilean parliament approved the pension reform championed by left-wing president Gabriel Boric by 110 votes to 38 in the Chamber of Deputies, following validation by the Senate two days earlier. This is the most significant reform to the system introduced over 40 years ago, in the midst of the dictatorship, when the pay-as-you-go system was abandoned in favour of a private individual capitalisation scheme. Employers will therefore have to contribute to their employees’ pensio
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Article authors
Flora Genoux
Freelance