Monday, August 22, 2016 Huge protest in Chile against private pensionsDemonstrators take part in a march demanding changes to the national pension system in Santiago, yesterday. Under the current system, which was started in the 1980s during the dictatorship of general Augusto Pinochet, six private pension funds, known as “AFPs,” manage some US$160 billion in assets. Opponents of Chile’s private pension system say it forces workers to give their earnings to for-profit funds that do not ensure a dignified old age for all Chileans. But the protesters said they wanted the current system totally dismantled. Pinochet-era planCitizens are upset over the private pension system that has regularly paid out pensions under the minimum wage, currently set at just over US$380 a month.

Source: Bueno Aires Herald August 22, 2016 03:11 UTC