With Pensions Like This ($315 a Month), Chileans Wonder How They’ll Ever Retire – The New York Times

Under the privatized system, which President George W. Bush hailed as an example to follow, workers must pay 10 percent of their earnings into accounts operated by private companies known as pension fund administrators, or A.F.P.s, the initials of the term in Spanish. The administrators invest the money and charge workers a commission for transactions and other fees. Employers and the government do not make any contributions to the workers’ accounts.

via With Pensions Like This ($315 a Month), Chileans Wonder How They’ll Ever Retire – The New York Times

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