Incentivos al trabajo y cobertura de riesgos de los programas de pensiones: el caso de Uruguay

Abstract

Previous studies have shown that in industrialized countries the provision of social security could lead to an earlier retirement from the labor market. Forteza and Ourens (2012) investigated the pension plans in Latin America and found insensitive rates of return to retirement age. This paper applies the same methodology to Uruguay (micro simulations of cash flows) and explores these findings in more detail. The results show the opposite. In certain cases, the returns are sensitive to the age of retirement. Even after the 1995 and 2008 reforms, the Uruguayan regime still has incentives to leave work once the minimum requirements for access to benefits are satisfied.