translated from Spanish: In record time, Senate dispatches pension-boosting project

The Senate Chamber unanimously approved the project that improves and establishes new benefits in the solidarity pension system and that in practice will allow a gradual increase in solidarity pensions up to a 50% as of December this year. It will be about one million 600 thousand people who will benefit from this initiative that was one step away from its enactment as the law of the republic.
In essence, it seeks to improve the amounts of benefits of current and future pensioners of the Solidarity Pension System; ensure a constant pension for future pensioners in Retreat Scheduled with Pilar Solidario, and establish a new benefit, which is to guarantee in the Solidarity Pillar that the scheduled retirement pension will not be less than the value of the Pension Basic Solidarity.
Senators Ricardo Lagos, Adriana Muñoz, Carolina Goic, José García Ruminot, Ximena Rincón, Rabindranath Quinteros, Juan Antonio Coloma, Carlos Bianchi, David Sandoval, Iván Moreira, Juan Pablo Letelier, Isabel Allende, Francisco Chahuán, Alejandro Navarro, Ximena Orders, Luz Ebensperger, Alvaro Elizalde, Yasna Provoste, Alfonso De Urresti, Jorge Pizarro, Francisco Huenchumilla and José Miguel Insulza.
Also spoke the Minister of Labour and Social Welfare, María José Zaldívar, who explained the scope of this initiative.
Thus, the value of the Basic Solidarity Pension of old age and disability (“PBS”) and the Maximum Pension with Solidarity Contribution (“PMAS”) increases and, therefore, increases the Solidarity Planned Contribution (“APS”), so that in December of this year it will rise by 50% for the pensio 80 years or older, which equates to $55,100 (increases from 110,201 to 165,302 pesos); 30% for pensioners aged 75 to 79, equivalent to $33,000 and 25% for pensioners under 75, equivalent to $27,500.
As of January 2021, a 40% increase will be accumulated for pensioners under the age of 75, equivalent to $44,000 pesos from the current value, and a 50% increase for pensioners between 75 and 79 years of age, equivalent to $55,100 compared to the current value , which will also be adjusted by the variation of the CPI. Meanwhile, in January 2022, the increase in the value of pensions will reach 50% for all pensioners reaching a value of $165,302 plus the adjustment corresponding to the variation of the CPI.
In the case of the maximum pension with solidarity contribution (PMAS) it is established that by December of this year there will be an increase of 50% for pensioners aged 80 years or over, reaching 488 thousand pesos; 30% for pensioners aged 75 to 79, reaching 423,000 pesos, and 25% for pensioners under 75, reaching 407,000 pesos.
As of January 2021, it envisages that the PMAS will accumulate an increase of 40% for pensioners under the age of 75, reaching 456 thousand pesos, plus the adjustment corresponding to the variation of the CPI, so that, at that date, the PMAS will accumulate an increase of 50% for pensioners among the 75 to 79 years, reaching 488 thousand pesos, plus the adjustment corresponding to the variation of the CPI, and in January 2022 the PMAS will accumulate an increase of 50% for all pensioners, reaching 488 thousand pesos, plus the adjustment by CPI.
The draft also allows those who receive disability or solidarity pensions not to lose that benefit if they receive working income and also amends the law so that those who were entitled to such retirement will not be affected by the increases PMAS.
In short, all pensioners in the country’s most vulnerable are sought to receive pensions above the poverty line.

Original source in Spanish