Pensions at a Glance

Latin America and the Caribbean

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This comprehensive examination of pension systems in Latin America and the Caribbean looks at recent trends in retirement and working at older ages, evolving life expectancy, design of pension systems, and pension entitlements before providing a series of country profiles. The special chapter analyses the coverage and adequacy of Latin American pension systems.



English Also available in: Spanish, Portuguese

Executive summary

The biggest pension policy challenge faced by most countries in Latin America and the Caribbean (LAC) today is low coverage of formal pension systems, both in terms of the proportion of workers participating in pension schemes and the proportion of the elderly receiving some kind of pension income. Efforts to close the coverage gap, for example, through non-contributory pensions, are therefore at the heart of the pension policy debate in the region. However, these policies might pose significant fiscal challenges in the next decades as the population ages.  presents three main indicators describing the demographic conditions relevant for pension policy, namely fertility rates, life expectancy and old-age support ratios. This is followed by a systematic comparison, in , of system designs across countries using the standard OECD Pensions at a Glance typology and presenting several key indicators of adequacy, including gender-specific gross and net replacement rates and pension wealth at different income levels. Finally,  provides the profiles of each pension system in Latin America and the Caribbean in terms of their architecture, rules and parameters.


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