other adjustments in 2016-2018; in the last year, it was changed from an adjust­ment based on the average salary index and all contributions to a quarterly adjustment according to the CPI, leading to a negative effect and—due to the economic crisis—to another deterioration in the real amount of pensions. In Bolivia, as before the re-reform, indexation is based mainly on the UFV, but with some differences among regimes. In Chile it is still tied up to the monetary unit automatically adjusted for inflation(UF). In El Salvador the adjustment of pensions remains at the discretion of the government. 5. Efficiency and Reasonable Administrative Expenses In Argentina, with the change to the public system, competition came to an end, all fees and premium were terminated. The state agency that manages the public system(ANSES) cannot impose fees. In Bolivia, the constitution, the re-reform law, and other laws stipulated the establishment of a Gestora Pública(Public Manager) to administer individual accounts and invest the funds of the Sistema Integral de Pensiones(Integrated Pension System), after which the two AFP would be shut down. Since January 2018, such Manager began to administer and pay the universal non-contrib­utory pension(Renta Dignidad) and funeral expenses; in 2020, the payment of direct transfers resulting from the pandemic(universal, family, and basic breadbasket bonuses) were assigned to the Manager, but the government has postponed several times its takeover of the AFP functions(the last time until 2022); therefore, two AFP are still managing individual accounts, invest­ing the funds, and paying pensions. Fees are still being paid to the two AFP until the full functions of the Manager begin, and the premium is collected by a collective risk fund at the Autoridad de Fiscalización y Control de Pensiones y Seguros(Authority for the Supervision and Control of Pensions and Insurance: APS), which supervises, publishes statistics, etc. So far, the Manager is financed through a fee paid for the administration and payment of Renta Dignidad, as well as for funeral expenses and fiscal transfers; subsequently, it will collect the fee for managing contributory pensions. 138