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More Than One Million Chileans Seek to Withdraw Pensions Amid Pandemic

More than 3 million Chileans on Thursday asked to withdraw a portion of their pension funds as a controversial law took effect allowing citizens to tap into retirement savings to buffer the economic impacts of the coronavirus. Long lines formed in Santiago outside the offices of Pension Fund Administrators (AFP) as Chileans sought to take advantage of the new law. The emergency measure allows those with savings to withdraw up to 10% of their pensions. Chile´s Superintendent of Pensions said in a statement 3,024,347 people had asked to withdraw their share by 5 p.m. local time. The websites of several of the fund administrators collapsed Thursday amid the deluge of requests, prompting an apology from the companies.

The New York Times - July 30, 2020

View the full story here: https://www.nytimes.com/reuters/2020/07/30/business/30reuters-health-coronavirus-chile-pensions.html