Government Responsibility for First Pillar Accounts Pensions:With Reference to Pension Reform in Chile
Since the inception of the social security system,account-based pensions with a defined contribution financial model have generally been widely found in the third pillar of the pension system and,in a few cases,also in the second pillar.Chile became a pioneering experi-ment in pension reform globally when it established a system of account-based personal pensions fully covering the first pillar in 1981.During the two rounds of reform and development of the pension system in Chile,there has been a transition from complete privatization to a gradual re-turn to government responsibility.In this paper,we first sort out the theoretical basis of the gov-ernmental responsibility of account pensions,then review the course of Chile's pension reform,analyze the drawbacks of the"Chile's model"of covering personal accounts of the first pillar of pensions,then reflect on the positioning of the governmental responsibility of the first pillar of the personal accounts of urban workers'pension insurance in China,and clarify the direction of the future development of the first pillar of pensions,in order to enhance the overall effective-ness of the first pillar of the pension system in China.
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