| 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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