Bachelet goes on "field trip" to explain benefits of pension reform plan

SANTIAGO.- While accompanied by the Minister of Labor, Osvaldo Andrade, and the Minister of Finance, Andrés Velasco, President Michelle Bachelet went on a special field trip this morning to explain the benefits of the Chilean pension system reformation plan, known as “la Reforma Previsional”.

The location chosen by the President was the Espíritu Santo nursing home in the municipality of Independencia where, after having breakfast with some of the residents, she discussed some of the important benefits the government initiative would offer to women.

President Bachelet also took advantage of the opportunity to announce that 480 thousand people will increase their income this year thanks to the reform and another 120 thousand will receive a pension for the first time to help them face the perils of old age— an advance she deemed fundamental.

Bachelet also stressed the importance of the “Pensión Básica Solidaria de Vejez”, which began to be distributed as of yesterday.  The pension is worth 60 thousand pesos and will be increased by 15 thousand pesos starting in July of 2009.