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The Privatization of Social Security and Women's Welfare: Gender Effects of the Chilean Reform

Published online by Cambridge University Press:  05 October 2022

Alberto Arenas de Mesa  and
Verónica Monteemos
Alberto Arenas de Mesa
Affiliation:
Ministerio de Hacienda de Chile
Verónica Monteemos
Affiliation:
The Pennsylvania State University
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Abstract

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The study shows that the new privately managed pension system in Chile has increased gender inequalities. Women are worse off than they were under the old pay-as-you-go system of social security, in which the calculation of benefits for men and women did not differ and women could obtain pensions with fewer requirements than men. Currently, benefits are calculated according to individuals’ contributions and levels of risk. Such factors as women's longer life expectancy, earlier retirement age, lower rates of labor-force participation, lower salaries, and other disadvantages in the labor market are directly affecting their accumulation of funds in individual retirement accounts, leading to lower pensions, especially for poorer women. Lessons from the Chilean reform should encourage scholars, policy makers, and the general public to engage in debates that more adequately incorporate gender variables in designing and implementing policy changes.

Type
Research Article
Information
Latin American Research Review , Volume 34 , Issue 3 , 1999 , pp. 7 - 37
Copyright
Copyright © 1999 by the University of Texas Press

Footnotes

*

An earlier version of this article was presented to the Latin American Studies Association in Washington, D.C., 28-30 September 1995. We thank Carmelo Mesa-Lago, Lisa Brush, and the anonymous LARR reviewers for their comments. The views expressed in this article are the authors’ own and do not necessarily reflect those of the institutions with which they are affiliated.

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