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Chile:
Pension fund to protect older workers
The Chilean congress is currently considering proposals put forward by the pension fund regulatory body, Superintendencia de Administradoras de Fondos de Pensiones, to introduce a fixed income pension fund designed to protect the savings of employees who are within ten years of retirement. A decision on whether to implement the proposals is expected by the middle of 1999. The current volatility of the world equity markets is highlighting the vulnerability of Chile’s older workforce to fluctuations in equity values; about 90% of retirement provision in Chile is channelled into equity.
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