FILE PHOTO: Chile's President Michelle Bachelet speaks during a meeting with her cabinet at the presidential palace of Cerro Castillo in Vina del Mar, Chile March 24, 2017. REUTERS/Rodrigo Garrido
SANTIAGO (Reuters) - Chilean President Michelle Bachelet announced on Wednesday evening that she was sending to Congress a bill that would dramatically increase the size of public pensions in the face of growing opposition to the nation's current system.
The bill would include an increase in the amount of savings held collectively, a new 5 percent payroll tax, and a corresponding boost in retirement savings. Current pensioners would see savings rise by around 20 percent, while workers currently paying into the system would see increases of up to 50 percent.
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