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Key Findings Details

First-Round Impacts of the 2008 Chilean Pension System Reform
by Jere Behrman, Maria Cecilia Calderon, Olivia S. Mitchell, Javiera Vasquez and David Bravo
WP 2011-245
  • We evaluate the impacts of the 2008 Chilean Pension reform by comparing household survey data from before (2006) and after (2009) the system changed.
  • While the poor in 2009 seemed less-well informed about the reform compared to non-poor respondents, those who lived in a poor household with a member age 65 and over were more likely to have heard of the new “basic pension.”
  • Targeted poor households with elderly members received about 2.4 percent more household annual income, with little evidence of crowding-out of private transfers.
  • Recipient household welfare probably increased due to slightly higher expenditures on basic consumption needs, including healthcare and leisure. They also reported better self-rated health.