Does the Chilean Pension Model Influence Life Satisfaction? A Multilevel Longitudinal Analysis

By Esteban Calvo This study assesses the influence of the Chilean old-age pension model on the life satisfaction of older adults across the world. Numerous countries have implemented similar old-age pension reforms, combining individualization of risk through pension privatization and redistribution of resources through mechanisms such as non-contributory pensions. Using data for 126,560 adults age 45 and over living in 91 countries over the period 1981-2008, and employing three-level hierarchical linear regressions, this study finds that on average redistribution increases...