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Economy

Chileans Dip Into Pensions to Ease Economic Pain

Chileans rushed Thursday to tap their retirement savings just days after the government permitted people to raid their pensions to ease the economic pain caused by the coronavirus pandemic.

Under a law approved last week, Chileans can access up to 10% from their mandatory pensions over the next 12 months, either in person or by registering online to have the money wired to their accounts. Within five hours of the new program coming online, nearly two million Chileans logged on to pension websites, briefly crashing online platforms.

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