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28 March, 2017

Hundreds of thousands protest Chile's Pinochet-era pension system

Organizers say it was the largest-ever protest against the private pension system in Chile

Hundreds of thousands of people took the streets in cities across Chile Sunday to protest the private pension system known as AFP, in what the organizers call the largest march for the cause in the history of the movement.

The march, organized by workers' organizations and trade unions, kicked off at 11:00 a.m. local time in the capital city Santiago's in Plaza de las Armas, as well as several other cities.

"We hope today we will have a lot of people and show that the social movements are saying, 'We don't want anymore AFP,'" a protester with the Cabreados Movement told Chile's Bio Bio TV at the demonstration in Santiago. "(AFP) is already a failure, and our political actors need to know that the social movements won't stop."

Luis Messina, spokesperson for the CNT labor union, predicted that Sunday's demonstration would be a "historic" march. "Perhaps the largest in history," he said. The protest comes after several marches in the country to demand President Michelle Bachelet end the AFP private pension system which puts the average retirement pension below the minimum wage.

The contested system also forces workers to deposit a portion of their wages and an administrative fee into accounts managed by private hands. This system handles savings for about 10 million working Chileans.

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