The Senate of the Republic of Chile is the upper house of Chile's bicameralCongress, as established in the current constitution. Source: Chilean Senate official web site: http://www. ... Source: Chilean Senate official web site: http://www. ... In government, bicameralism is the practice of having two legislative or parliamentary chambers. ... Congress building The National Congress (Spanish: Congreso Nacional) is the legislative branch of the government of the Republic of Chile. ...
The Senate comprises several categories of members:
Thirty-eight directly elected senators, chosen by universal popular suffrage vote in 19 senatorial circumscriptions. These serve eight-year terms, with half of them being replaced every fourth year.
Nine institutional senators: two former supreme court justices and one former comptroller general, appointed by the Supreme Court; former commanders-in-chief of the army, air force, navy, and carabineros, appointed by the National Security Council; one former university rector and one former cabinet minister, appointed by the President of the Republic. Like the popularly elected senators, these too serve eight-year terms.
All former Presidents of the Republic who held office for at least six years are awarded senate seats for life.
Perhaps one of the most important effects is that it has contributed to the phenomenal increase in the country's saving rate, from less than 10% in 1986 to almost 29% in 1996.  He goes on to say that, The pension reform has also had an important effect on the functioning of the labor market.
After 16 years of operation of the new system, in fact, the typical Chilean worker's main asset is not his used car or even his small house (probably still mortgaged), but the capital in his PSA.
Whether this reduction of benefits is done through inflation, as in most developing countries, or through legislation, the final result for the retired worker is the same: anguish in old age created, paradoxically, by the inherent insecurity of the "social security" system.
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