Chile’s Senate passes bill allowing 2nd withdrawal from pension savings

Chile’s senate passed a government-backed bill allowing people to tap their pension savings for a second time. The legislation, which caps withdrawals at $5,678 and will subject some of them to taxation. According to the text, Chile’s pension funds (AFPs) will have as many as 30 business days to provide the money after a contributor requests the cash. The bill is expected to lead to roughly $15 billion in fresh withdrawals. The legislation now moves on to the lower house for fresh debate and votes.

Source: Bloomberg