Basic country data

  • Population 60 and over (2018)
  • 2,998,162
  • % of total
  • 16.5%
  • Population 60 and over (2050)
  • 6,337,532
  • % of total
  • 34.8%
  • Total pension coverage*
  • 79%
  • Type of contributory pension
  • Mandatory individual account and social insurance
  • Does the country have a social pension?
  • Yes
  • Region
  • Latin America & Caribbean
  • Income group
  • High income

% of older people (65+) receiving a pension, by type

Data on social pensions

Sistema de pensiones solidarias (vejez) - Includes the Pensión Básica Solidaria de Vejez (PBS-Vejez) and the Aporte Previsional Solidario de Vejez (APS-Vejez)

Basic scheme information

Data on social pensions

  • Name of pension or programme
  • Sistema de pensiones solidarias (vejez) - Includes the Pensión Básica Solidaria de Vejez (PBS-Vejez) and the Aporte Previsional Solidario de Vejez (APS-Vejez)
  • Year first social pension introduced
  • 1974
  • Legislative Underpinning
  • la ley no. 20.255

Government of Chile - Superintendencia de Pensiones: PBS-Vejez (webpage) (Spanish)

Government of Chile - Superintendencia de Pensiones: Aporte Previsional Solidario (APS)

Eligibility criteria

  • Age of eligibility
  • 65
  • Targeting approach
  • Means-tested
  • Detailed eligibility criteria
  • The system of solidarity pensions (old age) contains two social pensions for those in the poorest 60% of the population (according to the Índice de Focalización Previsional/ the Pension Targeting Index). Those without another pension are eligible for the Pensión Básica Solidaria de Vejez (PBS-Vejez)/Basic old age solidarity pension. Those with another pension which is below a maximum threshold are eligible for the Aporte Previsional Solidario de Vejez (APS-Vejez)/Old Age Pension Contribution Solidarity APS-vejez, benefit levels are reduced in line with the size of contributory pensions
  • References and notes

Adequacy

  • Monthly benefit (local currency)
  • 104,646 Peso
  • US$
  • 174
  • % of GDP per capita
  • 13.3%
  • $ PPP
  • 271.6
  • % of $1.90 poverty line (PPP)
  • 470%
  • Local amount detailed/other benefits
  • 104646 pesos is the transfer for the PBS. The benefit level for the APS is adjusted depending on the level of a person's contributory pension. Recipients cannot receive less than the PBS when their contributory pension and the APS are combined.
  • References and notes

Coverage

2017

Centro de Estadísticas de la Superintendencia de Pensiones

Cost

Resources on the pension in Chile

Social pensions database

Explore the Social pensions database

Calculator

Calculate the cost of a universal pension in your country