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The Chilean System of Unemployment Insurance Savings Accounts

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  • Kirsten Sehnbruch
  • Rafael Carranza

Abstract

In recent years, unemployment protection systems based on individual savings have been instituted in several developing countries. Chile was one of the first countries to establish such a system, which at the time was widely referred to as a model for other countries. Since its institution in 2002, the Chilean UISA has gradually been rolled out to cover the wage-earning population to the point that since 2009 its administrative data can be considered to be representative of this segment of the labour force. This paper examines how the Chilean UISA works, both in terms of its coverage and levels of benefits and how it is different from a traditional unemployment insurance. We undertake a detailed analysis of the administrative data produced by the UISA system, which also enables us to examine the functioning of the Chilean labour market. Based on the interaction between employment characteristics and the conditions imposed by the benefit system, we assess the efficacy of the system and analyse, using simulations, the impact of potential reforms that could improve the system.

Suggested Citation

  • Kirsten Sehnbruch & Rafael Carranza, 2015. "The Chilean System of Unemployment Insurance Savings Accounts," Working Papers wp401, University of Chile, Department of Economics.
    • Handle: RePEc:udc:wpaper:wp401
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    File URL: http://www.econ.uchile.cl/uploads/publicacion/860a89d2936b1ff543745d95990fc0b900b048f6.pdf
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    Cited by:

    1. Cruz, Gabriel & Rau, Tomás, 2022. "The effects of equal pay laws on firm pay premiums: Evidence from Chile," Labour Economics, Elsevier, vol. 75(C).
    2. Julio J. Guzman, 2016. "Social protection during recessions: evidence from Chile," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 19(4), pages 348-368, October.
    3. Jaime RUIZ-TAGLE & Kirsten SEHNBRUCH, 2015. "More but not better jobs in Chile? The fundamental importance of open-ended contracts," International Labour Review, International Labour Organization, vol. 154(2), pages 227-252, June.
    4. Javier Cortes Orihuela & Juan D. Díaz & Pablo Gutiérrez Cubillos & Pablo A. Troncoso, 2024. "Everything’s not lost: revisiting TSTSLS estimates of intergenerational mobility in developing countries," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 31(1), pages 66-94, February.

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