Abstract
Despite the similar origins of their public pension programs, by the 1980s Chile and Brazil emerged with very different old-age security schemes. This paper presents a comparative analysis of these two models with a focus on developments during the past twenty-five years. Brazil has emerged as a model of how in a developing nation old-age security programs can be extended to include most of the rural population and many urban workers in the informal sector. Chile has emerged as a model of a fully capitalized pension scheme with substantial private sector control over pension assets. The Brazilian scheme has done more than the Chilean system to reduce income inequality, but the Chilean system has done a better job than the Brazilian system for some categories of workers, particularly more affluent workers. It also has had a more positive impact on the economy.
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