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Poverty

PARC Working Paper Series

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First-Round Impacts Of The 2008 Chilean Pension System Reform, Jere R. Behrman, Maria Cecilia Calderon, Olivia Mitchell, Javiera Vasquez, David Bravo Feb 2011

First-Round Impacts Of The 2008 Chilean Pension System Reform, Jere R. Behrman, Maria Cecilia Calderon, Olivia Mitchell, Javiera Vasquez, David Bravo

PARC Working Paper Series

Chile’s innovative privatized pension system has been lauded as possible model for Social Security system overhauls in other countries, yet it has also been critiqued for not including a strong safety net for the uncovered sector. In response, the Bachelet government in 2008 implemented reforms to rectify this shortcoming. Here we offer the first systematic effort to directly evaluate the reform’s impacts, focusing on the new Basic Solidarity Pension for poor households with at least one person age 65+. Using the Social Protection Survey, we show that targeted poor households received about 2.4 percent more household annual ...