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Chile Congress approves pension reforms for poor
16 Jan 2008 21:23:54 GMT
 Source: Reuters
SANTIAGO, Jan 15 (Reuters) - Chile's Congress approved an emblematic pension reform on Wednesday that provides a basic retirement to the nation's poorest citizens, delivering on a campaign promise of Chile's first woman president.

The reforms will award monthly pensions to retirees who cannot afford private pensions and will be funded by a copper windfall that has driven Chile's economic growth in the past four years.

"This basic pension will benefit those who do not have access to a pension through (private) social security," the government said.

The law is a promise fulfilled by President Michelle Bachelet, who came to power in March 2006 after a campaign that emphasized social justice.

The new law goes into effect mid-year and will phase in a minimum pension of 75,000 pesos ($146) per month for the poorest 60 percent of the population over the age of 65.

Chile, the world's largest copper producer, has seen record trade and fiscal surpluses on high prices for the metal.

(Reporting by Pav Jordan and Sandra Maler)


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Riot police arrest a supporter of the Mapuches Indians Movement during a rally in front of Chile's Justice Ministry in Santiago January 11, 2008. The rally was held to protest the ...


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Last updated:Wed Jan 16 21:21:26 2008