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KMID : 1023720140650010231
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Journal of Welfare for the Aged
2014 Volume.65 No. 1 p.231 ~ p.249
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The Pension Reform After Privatization of Pension Reform in Latin American Countries: The Limits of Individual Retirement Accoun
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Choi Ok-Geum
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Abstract
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This article reviews pension reform in Latin American countries in recent years. After privatization of pension reform, a number of policy challenges leave including large groups of workers who are not covered and irregular worker participation rates, both of which could lead to inadequate retirement benefits. Also, the administrative fees the AFPs are charging account holders are high. To solve these problems, Latin American countries started a second round of pension reforms. The reforms are resulting in a revival of public components in old-age income maintenance, and improvement of IRAs(Individual retirement accounts). This paper presents a brief overview of privatization of pension reform in Latin American countries and the major changes made to it in recent years. The paper then evaluates the major policy changes in Latin American countries in recent years, and summarizes its lessons to our pension system.
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KEYWORD
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Privatization of pension system, Individual retirement accounts, Pension reform in Latin America
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