As a result of the red figures presented by the Pension Fund Administrators (AFP) during the month of September, the senator of the Social Green Regionalist Federation party (FRVS), Alejandra Sepúlveda, called on the Government to speed up the pension reform.
“What the AFPs are doing today is absolutely unpresentable, all funds are going down, all affiliates today are losing their capital that they have accumulated throughout their working lives and even more those who need to retire, this seems unpresentable to me and We urgently need a pension reform that takes care of this problem,” he said.
“It is not possible that with the funds of all Chileans, those who own the AFPs continue to earn and those who need to retire and who need certainty to be able to retire in the coming years continue to lose their funds, that does not happen in nowhere, only in Chile, and that is why we urgently need to be able to make the pension reform that takes care of the abuses, which is unpresentable for retirees and for the country,” added the senator.
Along the same lines, the president of the Economy Commission of the Chamber of Deputies, Daniel Manouchehri (PS) summoned the fund administrators for not fulfilling the promise of having pensions close to the last salaries of their contributors. “The AFPs have been slamming Chileans for 40 years. When the AFPs started, their creator, the brother of former President Piñera, said: ‘In 2020, Chileans will retire with 100% of their last salary.’ Today the AFPs condemn Chileans to an undignified old age”, he indicated.
“There are millions and millions of older adults condemned to poverty. People who cannot retire because the money is not even enough to eat”, added the legislator.
“230 billion pesos were the earnings of the AFPs in the first half of this year. 22% more than last year in the same period. The only ones who have gained from this AFP system are the AFPs, while Chileans receive crumbs from pensions”, he criticized.
