Sorry, I disagree - there's no such thing as a 'global pay rate' except for some very rare and sought-after people. Salary levels are determined by local conditions - and it's a lot cheaper to live in Santiago than it is in London, for example.
In my opinion, I'd put a well qualified Captain's salary at the equivalent of that paid to a GP (doctor), accountant or solicitor. How much are those categories paid in Chile, Stuka? Those pay levels are not dissimilar to those found elsewhere in developing nations - and frankly are considerably better than many.
If the company is as profitable as you say - then why not go into some sort of profitsharing agreement? It works very well at Singapore Airlines, where staff last year had a bonus equivalent to over six months worth of pay!
If all else fails, there's always the option for Lan Chile pilots to work elsewhere. There are plenty of airlines looking for highly qualified B767 or A340 drivers - especially in Asia.
By the way, who owns Lan Chile these days - isn't it SAS and Continental?
Incidentally, changing the subject somewhat, I understand from a colleague that New Zealand regards an ATPL as a qualification equivalent to a BSc - and a CPL as an equivalent to an A level - for its immigration procedures.