(3) INE denotes salaried formal employment; AFP measures number of dependent contributors, salaried public workers, and household help whose employer made normal payments to the individual pension fund capitalization account; AFC refers to number of dependent contributors (salaried private workers) whose employer made normal payments to unemployment insurance. Sources: Pontifical Catholic University Survey Center, INE, Superintendency of Pensions, and University of Chile. Figure 4 Employment by skill level (1)(2) (difference with respect to March 2020; millions of persons) 0.5  High skilled  Medium skill  Low skilled  Total employed  0.0  -0.5  -1.0  -1.5  -2.0 Jan-18  Apr-18  Jul-18  Oct-18  Jan-19  Apr-19  Jul-19  Oct-19  Jan-20  Apr-20  Jul-20  Oct-20  Jan-21  Apr-21  (1) According to the International Labor Organization (ILO), the skill level is measured by considering the following aspects: (i) nature of work performed in relation with characteristic tasks and duties (ii) formal education level necessary for competent performance of the job; and (iii) amount of informal training on the job and/or previous experience in related occupation that is required for competent performance of the job (2) Data in quarterly moving averages. Sources: National Statistics Institute (INE) and ILO.
MONETARY POLICY REPORT PRESENTATION BEFORE THE FINANCE COMMISSION OF THE HONORABLE SENATE OF THE REPUBLIC  Mario Marcel Governor Central Bank of Chile 9 June 2021    The June 2021 Monetary Policy Report can be found at http://www.bcentral.cl. I. Introduction  Madam President of the Finance Commission of the Senate, senator Ximena Rincón, Senators members of this Commission, ladies, gentlemen, I am grateful for your invitation to present the view of the Board of the Central Bank of Chile (CBC) on recent macroeconomic developments, their outlook, and implications for monetary policy. This view is contained in detail in the June 2021 Monetary Policy Report published this morning. This background provides the context for the decision adopted by the Board at yesterday’s Monetary Policy Meeting. The last few months have confirmed that the Chilean economy has been making progress in its recovery process. Activity figures brought positive surprises in the first months of 2021, reflecting the strong macroeconomic momentum and the better adaptation of the economy to the sanitary restrictions. In fact, the impact of the quarantines, despite involving almost 90 percent of the national population during April, was considerably milder than we expected and also less compared with figures early into the pandemic. Private consumption has risen strongly, fueled by the massive fiscal transfers that have been implemented in recent months and the pension savings withdrawals.