identified: old-age pensions, conventional early retirement, disability insurance, and unemployment insurance are the most …

decreases with pension contributions and increases with taxes; (ii) the introduction of fertility-dependent pensions may …

average, LAC's pension systems are subsidized, as they provide pensions above what workers would have obtained by investing … 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 …

NDC CC system. We consider a pure NDC system and also one supplemented with minimum pensions and one supplemented with … minimum pensions. That is, an improvement in the actuarial fairness would lead to an improvement in the welfare of low …