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The Chile pension system (Spanish: Sistema Previsional) refers to old-age, disability and survivor pensions for workers in Chile.The pension system was changed by José Piñera, during Augusto Pinochet's dictatorship, on November 4, 1980 from a PAYGO-system to a fully funded capitalization system run by private sector pension funds.
The Pension Reserve Fund (PRF) of Chile is a sovereign wealth fund established on 28 December 2006 with an initial contribution of $604.5 million. [1] It was established in response to Chile’s new demographic scenario characterised by an increase in life expectancy and the growth of senior citizen population, adding on yet another challenge for the government in terms of greater future ...
Economist Paul Craig Roberts, who is known as the "Father of Reaganomics", has noted, that "Chile was the first country in the world to privatize Social Security. Piñera played the key role. Privatizing the pension system would have been enough to earn Piñera his place in history, but he also oversaw the privatization of health care". [10]
It was founded in 1981 under the eaves of Decree Law 3.500 in Chile launched a modern private pension system with the growing 59 branches nationwide, [1] replicated in 10 years in Latin America countries (such as Mexico, Ecuador and Dominican Republic) and also in Eastern Europe.
The poorest individuals can apply for the Basic Solidarity Pension of Invalidity (Pensión Básica Solidaria de Invalidez PBSI). [16] Those who have not contributed to the Social Security system can apply for disability pensions. [17] As of 2015, the pensions only cover around 23 percent of people with disability in Chile. [17]
Students and state workers dispersed peacefully in cities across Chile late on Wednesday, following mass protests against inequality, even as President Sebastian Pinera pledged social reforms to ...
The general retirement age is currently set to age 67 however, given sufficient pension contributions it is possible to retire as early as at age 62. The longer an individual postpones withdrawing a pension, the greater the government pension provision becomes. [72] Oman: 60 55 2023 The age is 60. Pakistan: 60 2012 [73] Peru: 60 2018 [74 ...
Chile was the least wealthy realm of the Spanish Crown for most of its colonial history. Only in the 18th century did a steady economic and demographic growth begin, an effect of the reforms by Spain's Bourbon dynasty and a more stable situation along the frontier.