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Lessons from Pension Reform in the Americas$
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Stephen J. Kay and Tapen Sinha

Print publication date: 2007

Print ISBN-13: 9780199226801

Published to Oxford Scholarship Online: January 2008

DOI: 10.1093/acprof:oso/9780199226801.001.0001

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Uruguay: A Mixed Reform *

Uruguay: A Mixed Reform *

(p.359) Chapter 14 Uruguay: A Mixed Reform*
Lessons from Pension Reform in the Americas

Rodolfo Saldain

Oxford University Press

This chapter describes Uruguay's 1995 pension reform, which is based on a multipillar or mixed, system, with contributions and benefits linked to both a state-managed PAYGO system and privately managed individual savings accounts. Since its implementation, the reform faced challenges arising from its design, turbulent financial markets, and difficulties with respect to political and social acceptance. The new pension system emerged in good condition after the country's worst financial crisis, which happened in 2002. The system now faces renewed political challenges after the election of a political coalition that had opposed the creation of the new mixed system. However, the lack of a viable alternative to the 1995 reform suggests that current policies will be maintained, though it is likely that policymakers will make advisable and necessary adjustments.

Keywords:   pension system, pension reform, pay-as-you-go, individual savings accounts

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