and below 38 points for men. Bolivia maintained the contributory regime with individual accounts, but added a semi-contributory regime with a fiscal solidar ­ity subsidy as well as a non-contributory regime fully funded by the state; the Renta Dignidad beneficiaries almost doubled in 2007-2012 and 83% of them lacked another pension; the monthly sum is very low, but it is the only source of income that half of the poor receive. In Chile, the number of PBS and APS beneficiaries doubled in 2008-2012, reducing poverty by three points among the older-adult population; the value of the PBS is 50% higher than the previ­ous non-contributory pension and increased income by 72% for those insured in the poorest quintile; the APS also raised the level of contributory pensions, although the RR is still very low. 108 As mentioned above, El Salvador added three new benefits but set a limit of US$2,000 on the contributory pension, which did not exist before; also, the deposit in the individual account of the insured was reduced from 10% to 8% and the resulting difference was transferred to the CGS. Three re-reforms maintained or improved the indexation of pensions, however, in El Salvador they are still subject to the government’s discretion. 5. Efficiency and Reasonable Administrative Expenses In Argentina and Bolivia with the transfer to the public system, competition disappeared. Argentina removed all fees and the premium; the state agency that manages the public system cannot impose fees—there are no figures on its administrative expenses. In Bolivia, the two previous private administrators (AFP) are still collecting fees, managing individual accounts, investing funds, and paying pensions even after the Public Manager was founded. Chile tried to stimulate competition through: a biennial bid that assigns new labor force entrants to the AFP that offers the lowest fee, which is also applied to previ ­ous affiliates(but most of the insured is still affiliated with the two main AFP, despite they charge the highest fees), the authorization of banks to manage individual accounts, substitution of the selection of commercial insurance companies from a bid by each AFP to a collective bid including all, creation of 108 A law that was passed in 2019 increased the PBS and the APS benefits. 197