NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

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

Alberto Arenas de Mesa, David Bravo, Jere R. Behrman, Olivia S. Mitchell, Petra E. Todd

NBER Working Paper No. 12401
Issued in August 2006
NBER Program(s):   AG   PE

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 PrevisiĆ³n Social, EPS), and illustrates some uses of this survey for microeconomic analysis of key aspects of the Chilean system.

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Document Object Identifier (DOI): 10.3386/w12401

Published: Kay, Stephen and Tapen Sinha (eds.) Lessons from Pension Reform in the Americas. Oxford: OUP, 2008.

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