⁍ Law allows citizens to tap into retirement savings to buffer economic impacts of coronavirus.

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⁍ Websites of several of the fund administrators collapsed Thursday morning amid the deluge of requests.

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⁍ The influx of cash into the pockets of everyday Chileans is largely expected to boost the economy.

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– A new law in Chile allows citizens to withdraw up to 10% of their retirement savings—and more than 1 million of them did so in a single day. “During the first hours, more than 1,100,000 members have been able to enter their withdrawal request successfully,” says Fernando Larra ⁇ n, president of Chile’s association of pension fund managers, per Reuters. The emergency measure, passed last month amid a severe economic crisis, allows people with savings to withdraw up to 10% of their pensions. Reuters notes that opinion polls show nearly nine out of 10 Chileans plan to take advantage of the law. The influx of cash into the pockets of everyday Chileans is largely expected to boost the economy. Several economists and analysts have revised dire predictions for Chile’s gross domestic product upward since the law’s passage in anticipation of a kick-start in consumer spending. President Sebastian Pinera’s center-right government nonetheless opposed the emergency relief measure, saying it would support citizens through the public purse instead. It has also warned about the longer-term impact on the profitability and already low average payouts of pensions. Despite those pleas, opinion polls indicate nearly nine out of every 10 Chileans planned to tap their funds. Most said they would use the money to pay for basic goods and services.