Chile shifts to damage control with new pension plan

Constitutional assembly members start debate of new Constitution in Santiago

SANTIAGO: Chile’s government moved to head off a controversial pension bill that threatens to stoke inflation already running at the fastest pace in almost 14 years, presenting its own withdrawal proposals that would limit the impact on consumer spending.

Finance Minister Mario Marcel said the government would submit a bill that would allow a withdrawal from pension savings for specific purposes, such as paying utility bills, alimonies, past-due mortgages and for a first home.