Chile: Proposed Directions for Reform
In 2006, the Presidential Advisory Council on Pension Reform issued a carefully written report examining the circumstances of the pension system in Chile, presenting criteria for evaluating improvements and putting forward seventy proposals for reform. President Michelle Bachelet sent a pension reform bill to the legislature containing many but not all of the council's recommendations, which, with some amendments, was passed into law in January 2008. This chapter sets out and evaluates some of the council's recommendations. Chile had a system of market-based, funded individual accounts providing consumption smoothing but had not adequately developed its distributional and antipoverty institutions. The chapter briefly summarizes the council's strategic thinking. It then sets out the council's recommendations about a new basic pension, and summarizes recommendations concerning individual accounts, discusses mandatory coverage, and finally looks at the proposed reforms to strengthen gender equity.
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