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- Title
Privatizing Latin-American Retirement Systems.
- Authors
Barreto, Flavio Ataliba; Mitchell, Olivia S.
- Abstract
The article presents information on the key elements of the social security privatization movement and to point out several lessons offered by an analysis of the emerging Latin American approach to old-age income. Social security reform is being discussed among policy makers, investors and benefits consultants around the world. Chile met up with these questions in something of a vacuum since, in 1981. that nation's old-age system was in disarray and there were few apparently viable options available. The first pillar consists of a minimum benefit for those whose private pension accumulations are inadequate in ways to be detailed below. The second pillar consists of a privately managed defined contribution pension system run by a privately run pension fund manager known as an AFP (Associacion de Fondos de Pension). Chile's experiences in social security reform have attracted particular attention as an example of success in the difficult process. In terms of regulatory structure, the new Chilean system requires that pension managers rate of return on investments fall within +1-2% of the all-AFP average.
- Subjects
CHILE; SOCIAL security; OLD age pensions; PENSIONS; INVESTORS; CAPITAL investments
- Publication
Benefits Quarterly, 1997, Vol 13, Issue 3, p83
- ISSN
8756-1263
- Publication type
Article