The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey

Published in Kay, S. and T. Sinha (Eds.) (2008). Lessons from Pension Reform in the Americas. Oxford, UK: Oxford University Press.

Pension Research Council Working Paper No. 2006-9

Posted: 19 Jun 2006

See all articles by Olivia S. Mitchell

Olivia S. Mitchell

University of Pennsylvania - The Wharton School; University of Pennsylvania - The Wharton School, Pension Research Council; National Bureau of Economic Research (NBER)

Alberto Arenas DeMesa

University of Chile

David Bravo

University of Chile

Jere Behrman

University of Pennsylvania - Department of Economics

Petra Todd

University of Pennsylvania - Department of Economics; National Bureau of Economic Research (NBER); IZA Institute of Labor Economics

Date Written: June 1, 2006

Abstract

In 1980, Chile dramatically reformed its retirement system, replacing what was an old insolvent PAYGO program with a new structure that relies heavily on funded defined contribution individual accounts. In addition, eligibility and benefit requirements were standardized, and a safety net for old-age poverty was strengthened. Twenty-five years after this reform, the Chilean model is being re-assessed, in terms of coverage, contribution, investment, and retirement benefit outcomes. This paper introduces a recently-developed longitudinal survey of individual respondents in Chile, the Social Protection Survey (or Encuesta de Previsión Social, EPS), and illustrates some uses of this survey for microeconomic analysis of key aspects of the Chilean system.

Suggested Citation

Mitchell, Olivia S. and DeMesa, Alberto Arenas and Bravo, David and Behrman, Jere R. and Todd, Petra, The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey (June 1, 2006). Published in Kay, S. and T. Sinha (Eds.) (2008). Lessons from Pension Reform in the Americas. Oxford, UK: Oxford University Press.; Pension Research Council Working Paper No. 2006-9. Available at SSRN: https://ssrn.com/abstract=908988 or http://dx.doi.org/10.2139/ssrn.908988

Olivia S. Mitchell (Contact Author)

University of Pennsylvania - The Wharton School ( email )

Philadelphia, PA 19104-6365
United States

University of Pennsylvania - The Wharton School, Pension Research Council ( email )

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National Bureau of Economic Research (NBER)

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Alberto Arenas DeMesa

University of Chile ( email )

Pío Nono Nº1, Providencia
Santiago, R. Metropolitana 7520421
Chile

David Bravo

University of Chile ( email )

Pío Nono Nº1, Providencia
Santiago, R. Metropolitana 7520421
Chile

Jere R. Behrman

University of Pennsylvania - Department of Economics ( email )

Ronald O. Perelman Center for Political Science
133 South 36th Street
Philadelphia, PA 19104-6297
United States
215-898-7704 (Phone)
215-573-2057 (Fax)

Petra Todd

University of Pennsylvania - Department of Economics ( email )

Ronald O. Perelman Center for Political Science
133 South 36th Street
Philadelphia, PA 19104-6297
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

IZA Institute of Labor Economics

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Germany

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