A Tentative Study on the Reform Experience of Chile's Pension Insurance System and Its Enlightenment on China

The old-age security is a social system and the most important part of the social security. In May 1981, Chile formally implemented the new pension insurance system. Chile takes a compulsory personal savings system; private companies are in charge of the operation of the pensions; the state supervises the pension running by making and implementing laws; the government bear costs for jobs changing. Chile has made noteworthy achievements in the exploration of pension insurance models. In the meanwhile, it has also provided significant enlightenments and suggestions for the reform and the construction of the pension insurance system in China. For examples, make up design defects of the system; concurrently adopt privately-owned and public-owned management modes for the pension insurance funds; reasonably solve problems about the system-transformed cost; improve the legal system construction; develop and implement relevant laws as soon as possible.