These three countries have increased female participation in pensions, particularly in non-contributory pensions where they now have a majority: in Argentina, the proportion of older-adult women who receive all types of pensions increased to 92% in 2010(versus 89% for men); in Chile, participation in total solidarity pensions amounted to 63% in 2012(the female average solidarity pension was 4% higher than the male average); and in Bolivia, female participation in Renta Dignidad pensioners reached 54%. Gender-differentiated mortality tables were eliminated in Argentina, Bolivia and El Salvador, but continue in Chile(the 2015 Presidential Commission recommended unisex tables; however, it was not approved). The Salvadoran re-reform did not introduce other measures to improve gender equity. 4. Sufficiency of Benefits All re-reforms improved benefits, although to varying degrees. Argentina increased: three times the maximum amount of contributory pensions to US$3,108 in 2012; also, the average of contributory pensions rose five times to US$560; increased the minimum pension by 73% to US$423; and by 100% the universal basic pension(PBU: non-contributory) to US$200. 82 The minimum pension is 76% of the average pension(a too narrow gap), while the PBU is 70% of the minimum contributory pension; the percentage of the elderly living in poverty dropped from 28% to 3.3% in 2003-2009. The average replacement rate(RR) was 75% of the average salary in 2012, but it decreased to 43% when taking into account the program that grants lower contributory pensions to 2.4 million insured older adults(“ moratoria”). 83 A recent report from Congress estimated in 2020 the average RR at 36% in the general system(in the separate regimes the RR ranges between 75.4% and 151.6%), the general average rate was 55 percentage points below the minimum basic breadbasket of goods for 82 According to the law, the state guarantees affiliates and pensioners transferred to the public system equal or better pensions than those they had under the private system at the time of the re-reform, but it is almost impossible to calculate such pension. 83 Under certain conditions, a reduced pension was immediately awarded to insured older adults, provided that they acknowledged their previous debt and paid it through pension deductions. 135
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Evaluation of four decades of pension privatization in Latin America, 1980-2000 : promises and reality
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