Abstract
Subject The outlook for pension reform. Significance On August 9, President Michelle Bachelet unveiled proposals for a pension reform that would imply significant changes to Chile's largely privately managed, defined-contribution system. Unlike tax, educational and constitutional reform, pensions did not figure prominently in her election platform but, more than halfway through her four-year term, public anger has mounted over low pensions, as reflected in mass demonstrations around the country on July 24. Impacts The government hopes to repeat the impact on its popularity of the previous Bachelet administration's pension reform. Businesses will see the proposed 5% pension contribution as a new payroll tax. Without a rise in the retirement age, it will be difficult to increase pensions significantly.
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