March 27 (UPI) -- Thousands of people in Chile protested nationwide against the country's privatized pension system called the Pension Fund Administrators, first established under military ruler Augusto Pinochet.
The privately funded Pension Fund Administrators, or AFP, was first established in 1981 and was once praised by pro-market politicians and economists worldwide. But critics say the system benefits those who run the AFP and the wealthy while poorer Chileans are given less than $400 a month.