Employee Benefits in Chile

Date: 2015-09

Chile was one of the first countries in the Americas to set up state-sponsored social security cover. The country’s pension system consists of multiple pillars: a non-contributory first pillar, a fully funded second pillar and a voluntary third pillar. In 1981, a new privatized system was introduced to carry out social security schemes. These programs are administered by private sector insurance companies called pension fund managers and the state is in charge of the regulations. Under this new system, formal employees are mandated to contribute to the personal account which is managed by a pension fund manager.

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