In Chile, the pension fund considered the safest recorded losses worth several million dollars after falling by 10.4% on average between January and September. This drop of 10% on average over the same period has caused concern among thousands of retirees in the South American country, where the retirement system is based on individual capitalization.
Currently, private pension funds have more than 12.2 million members. This amount includes what he receives from his and the guaranteed universal pension, introduced by the government in 2022 to supplement the income of the majority of retirees.
The managers placed some of the funds in contracts that would have been beneficial if U.S. interest rates fell.
The collapse of the E fund has sparked criticism from across the political spectrum, as well as investigations by the sector regulator and a parliamentary committee into a possible failure by players to exercise their duty of care.
The system works in such a way that a tenth of each worker's salary is paid into a personal account managed by a pension fund administrator, who invests this capital in the financial markets.
Breast cancer, diagnosed shortly after her retirement, forced her to pay around $7,000 for emergency surgery, while she said:"It was a bomb for me, I felt robbed.".