of not exceeding 50%. The question that still remains is whether this second re-reform, if approved, would prevent the termination of the private system as demanded by an important sector of citizens(Neira, 2020;“Senadores and No+AFP…,” 2020). A survey conducted in May 2019 asking Chileans aged 18 and over what are the three main problems to which the government should devote its greatest effort, 46% named pensions as the main problem; in December 2019 the percentage had increased to 64%(CEP, 2019). B. RE-REFORMS PROPOSALS IN COLOMBIA AND PERU The parallel models of Colombia and Peru are unique in the world and, as mentioned above, were the result of political compromises to approve the structural reform. The public PAYG system(DB) was maintained and a pri­vate fully-funded system(CD) was added and both systems compete with each other. In both countries, newcomers into the labor market can choose between these two systems; in Colombia they can switch system every five years and the last transfer has to be made 10 years before reaching pension age, while in Peru they can switch from the public to the private system but cannot return to the public. In the beginning, most of the insured were in the public system because it offered more generous entitlement conditions and benefits than the private system(including guaranteed RRs higher than private system RRs). And yet, legal amendments aimed at some standard­ization(such as a contribution of 13% in Peru), more generous entitlement conditions in the private system, 92 advertising, switching restrictions, and the disequilibrium of the public system led to a gradual increase in the number of insured in the private system, which affiliates 71% of the total in Colombia and 66% in Peru(Table 1). 92 In Colombia the years of contributions in the private system are 22 and in the public system they have increased to 25; Colpensiones(administrator of the public system) cannot advertise and is under double supervision, while the AFP spend significant amounts on advertising, have only one supervisor, and enjoy greater flexibility. 151