Saturday, October 13, 2007

José Piñera - Reinventing Social Security in the 21st Century


 

José Piñera at the Russell Summit in March 2006 speaking on the topic of reinventing social security.

Dr. Piñera was Chile's Minister of Labor and Social Security (1978-1980). He was responsible for the Social Security Act of 1980 that created a fully funded pension system based on personal retirement accounts, and for the creation of the Labor Code of 1979 that re-introduced trade union democracy and decentralized collective bargaining.

Dr. Piñera’s plan gave workers the voluntary choice of opting out of the government run retirement system. Since then 95% of Chilean citizens have opted out of state run social security and the program has been hailed as a massive success. In this presentation, Dr. Piñera shares his rational for supporting such a system, his efforts in implementing it, and the results of his efforts.

   
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