Chile's Congress approves reform to private pension system

Chile's Labor Minister Jeannette Jara celebrates, along with other ministers and parliamentarians, the approval of a bill to reform the country's private pension system, in the congress in Valparaiso, Chile, January 29, 2025. REUTERS/Rodrigo Garrido

SANTIAGO (Reuters) - Chile's Congress approved a reform to the country's controversial private pension system on Wednesday, clearing the way for the bill to be signed by President Gabriel Boric.

With 110 votes in favor and 38 against, the reform includes increased employer contributions, raises the guaranteed minimum pension and modifies the country's private Chile's Pension Fund Administrators (AFP) system.