Chilean President Michelle Bachelet rejected increasing the retirement age for women to 65, a proposal made Thursday by an advisory council created to overhaul the current pension system.

The initiative, which would have been implemented gradually over a 20-year period, is the most controversial of the 70 recommendations contained in the report the reform council delivered to Bachelet on Thursday.

The council, headed by former budget director Mario Marcel and comprised of 15 experts, was appointed by the president to modify Chile's controversial private pension system put in place in 1981 by the then-Augusto Pinochet dictatorship.

"I want the women of Chile to stay calm, because this president is not going to make any decision that could endanger their situation at the time they retire," said the socialist Bachelet.

When asked directly about whether she plans to increase the retirement age for women, she responded: "I haven't considered it."

A hypothetical raising of the age at which women would be eligible to receive their full pension has been rejected by all political sectors and by social and women's organizations.

Upon presenting the report - which seeks to reform not only the private but also the state pension system, the latter of which covers a segment of the population who chose not to change over to the private system - Marcel praised the work of the council members.

He said that the 70 proposals for pension system modifications apply to 11 areas, including coverage, equity between the sexes, investment of the pension funds, education and financial discipline, among other things.

The document will have to be debated within the government and analyzed by the political parties so that a bill modifying the current pension system eventually can be drafted.

The current Chilean retirement model, which has been exported to other countries, nevertheless has come in for much criticism because of the high cost of commissions collected by the AFP private pension fund administrators and the size of the pensions, among other things.