Chile's Labor Minister Jeannette Jara celebrates, along with other ministers and parliamentarians, the approval of a bill to reform the country's private pension system, in the congress in Valparaiso, Chile, January 29, 2025. REUTERS/Rodrigo Garrido

Chile’s Congress gave its final approval to a reform that will boost pensions for current and future retirees, handing President Gabriel Boric only a partial win following major concessions from his government.

Chiles Congress has passed a landmark pension reform, set to be signed by President Gabriel Boric. The bill, approved with 110 votes in favor and 38 against, increases employer contributions, raises the guaranteed

Chile’s Senate approved a long-sought reform to raise pensions for current and future retirees, advancing the legislation to a crucial phase in the lower house before it would become law.