Chile, hundreds demonstrate against private pension fund management companies

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Hundreds of Chileans recently protested in Santiago and other cities, demanding an end to private pension fund management companies, known as AFPs. teleSUR

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00:00On Sunday, hundreds of Chileans took to the streets of Santiago and other cities demanding

00:04the abolition of private pension fund management companies.

00:07The protests, organized by movements like NoMoreAFP, criticized the recent pension reform

00:12signed into law by President Gabriel Boric, arguing it fails to dismantle the AFP system

00:18and prioritizes corporate interests or workers' needs.

00:21Demonstrators highlighted the ongoing pension crisis, which has left many retirees without

00:25payouts below the poverty line, and called for a complete overhaul of the system.

00:30The pension reform, approved in Congress in January and signed into law last week, introduces

00:35a mixed system with contributions from workers 10%, employers 8.5% and a state-backed social

00:41security component.

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