How to Reform Social Security To the Chilean Model
Posted by: Peter Brombergs UnBlog,
on 18 Jan 2012 |
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Chilean Models Here's how they do social security in Chile according to Cato.org. Workers are given the choice as to whether they would like to stay in a pay-as-you-go plan (like we have in the U.S.) or a new system in which they can put their entire payroll tax into a retirement account. That way, they can benefit from compound interest. 93% of Chileans elect to participate in the new system. It's run by 15 private companies. Here's how the country's former Secretary of Labor, Jose Pinera...