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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 ...
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.
AFP Cuprum is a publicly traded, leading Chilean pension company with $32.1 billion in assets under management. 3 Their products include mandatory defined contribution pensions (AFP), voluntary ...
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]
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José Piñera Echenique (born 6 October 1948) is a Chilean economist, one of the famous Chicago Boys, who served as minister of Labor and Social Security, and of Mining, in the military dictatorship of Augusto Pinochet. [1] He is the architect of Chile's private pension system based on personal retirement accounts.
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