replacement rates (pensions relative to earnings) for low-income workers. Despite this progressivity, in some countries, absolute … much more progressive, but still, because low-income workers do not qualify for minimum pensions, between 50-60% of … average, LAC's pension systems are subsidized, as they provide pensions above what workers would have obtained by investing …

the household is also affected as subsequent fertility is lower and partnership dissolution is more common. Finally …