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Pension reforms in Chile and social security principles, 1981–2015

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  • Mesa-Lago, Carmelo
  • Bertranou, Fabio

Abstract

Chile pioneered in Latin America not only the introduction of social security pensions, but the structural reform that privatized them and a process of “re-reform” implementing key improvements. A Presidential Commission in Chile, appointed in 2014 to evaluate reform progress and remaining problems in the pension system, released its report in September 2015. In light of the Commission’s findings, the article assesses Chile’s compliance with International Labour Organization social security guiding principles: social dialogue, universal coverage, equal treatment, social solidarity, gender equity, adequacy of benefits, efficiency and affordable administrative cost, social participation in management, state role and supervision, and financial sustainability. The exercise follows three stages: the structural reform (1981–2008), the re-reform (2008–2015), and the Presidential Commission proposals (2015).

Suggested Citation

  • Mesa-Lago, Carmelo & Bertranou, Fabio, 2015. "Pension reforms in Chile and social security principles, 1981–2015," MPRA Paper 73437, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:73437
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    File URL: https://mpra.ub.uni-muenchen.de/73437/1/MPRA_paper_73437.pdf
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    References listed on IDEAS

    as
    1. Mesa-Lago, Carmelo, 2012. "Reassembling Social Security: A Survey of Pensions and Health Care Reforms in Latin America," OUP Catalogue, Oxford University Press, number 9780199644612.
    2. Espíndola, Ernesto & Filgueira, Fernando, 2015. "Toward a system of basic cash transfers for children and older persons: An estimation of efforts, impacts and possibilities in Latin America," Políticas Sociales 37820, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Alberto Arenas de Mesa & Carmelo Mesa-Lago, 2006. "The Structural Pension Reform in Chile: Effects, Comparisons with Other Latin American Reforms, and Lessons," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 22(1), pages 149-167, Spring.
    4. Sojo, Ana, 2014. "El sistema contributivo de pensiones como locus de rivalidad y de un nuevo pacto social en Chile," Políticas Sociales 37138, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    Cited by:

    1. Anna Zabkowicz, 2019. "Pension funds in Chile: bringing the state back in," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(1), pages 97-110, March.
    2. Ząbkowicz Anna, 2017. "Mandatory pension funds in Chile: decline of the arrangement?," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 13(4), pages 149-155, December.
    3. Christoph Freudenberg & Mr. Frederik G Toscani, 2019. "Informality and the Challenge of Pension Adequacy: Outlook and Reform Options for Peru," IMF Working Papers 2019/149, International Monetary Fund.
    4. Javier Pla-Porcel & Manuel Ventura-Marco & Carlos Vidal-Meliá, 2017. "How do unisex life care annuities embedded in a pay-as-you-go retirement system affect gender redistribution?," Documentos de Trabajo del ICAE 2017-11, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    5. Ishay Wolf & Lorena Caridad y Lopez del Rio, 2021. "The Expectation for Pension Insurance in Funded Schemes: Theoretical Model and Global Implementation," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 10, September.
    6. Harrison, Rodrigo & Parada-Contzen, Marcela & Villena, Marcelo, 2023. "Can auctions increase competition in the pension funds market? The Chilean experience," Journal of Policy Modeling, Elsevier, vol. 45(5), pages 975-993.

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    More about this item

    Keywords

    pension scheme; social security reform; ILO Convention; Chile; pensions;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy

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