This video says about itself:
Chileans March Against Private Pensions
25 July 2016
These Chilean workers are fighting the system! Hundreds of thousands took to the streets of the capital to protest the pension system, privatized during the Pinochet regime. And with pensions lower than the minimum wage, the government wants to make even more cuts. Chileans will not stand down until changes are made.
Tuesday 26th July 2016
posted by Morning Star in World
Private scheme condemns old to poverty
MORE THAN 200,000 Chileans took to the streets in dozens of cities on Sunday to protest against the compulsory private-sector pension scheme imposed by late military dictator Augusto Pinochet.
Trade union organisers said that 150,000 people of all ages had gathered in the capital Santiago to condemn the pension system and its low payouts from an entity known as Pension Funds Administrators (AFP).
Under the slogan No More AFP, organisers brought together pensioners and parents with their children to demonstrate their opposition to the existing model which condemns the elderly to poverty.
In Valparaiso, the march was dispersed by water cannons and tear gas by police, as television footage showed parents running with their children to escape the gas.
Citizens are upset over the private pension system that has regularly paid out pensions worth less than the minimum wage of just over £290 a month, leaving retirees with measly incomes that barely cover their needs.
Workers are forced to save 10 per cent of their gross income monthly, which is accumulated in an individual account.
Just three companies dominate the retirement plans market, investing the pension funds in the stock exchange and delivering low returns in line with the recent slowdown in Chile’s economy.
Congress has established a bicameral commission to propose reforms to the pension problem, but unions don’t expect any significant developments from the discussions.
“We are confident that nothing will happen, because the interests that are involved, in a country where the political class is funded by big business, make it impossible for any changes that affect their business to happen,” said Confusam union leader Esteban Maturana, one of the main organisers of the protest.
Confech student union confederation spokeswoman Camila Rojas said that the current set up cannot even be considered a social security system, instead it is a “forced savings” scheme that must be eliminated.
No More AFP leader Mario Villanueva said that AFP bosses earn “thousands and millions in a few days.
“Meanwhile, workers and pensioners receive pensions less than 150,000 pesos (£175).
“We march to demand change, to demand a united distribution system with tripartite participation — workers, employers and the state — to ensure our pensions are like those in most countries in the world.”
Pingback: Chileans oppose pensions privatisation | Dear Kitty. Some blog