Chile approved a major reform of its pension system, which for many critics had come to symbolize the flaws in the country’s economic model.

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

Chile’s congress has approved a landmark reform to its private pension system whose meagre payouts fuelled disruptive mass demonstrations six years ago that roiled the politics of the prosperous South American nation.