Original article: «Cuando el capital devora todo»: El millonario traspaso de recursos de las AFP a empresas extractivistas mientras las pensiones son «desastrosas»
In an article published in the Diario de la U. de Chile, Recaredo Gálvez, a researcher at Fundación SOL, highlighted the connection between pension funds and extractive companies. He noted that 8 out of every 10 pesos invested by pension fund managers in Chile go to environmentally impactful extractive companies.
«This proves that individual capitalization accounts not only adversely affect the present by providing low pensions but also finance companies contributing to the socio-environmental crisis,» the column states.
«All this occurs while the pension results are disastrous, with replacement rates averaging only 27.7%, as observed in new pensioners in 2023. Even among those who contributed for 30 to 35 years, the average replacement rate barely reaches 28.6%,» Gálvez added.
Read the full column HERE.
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