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Chile's guaranteed minimum pension, roughly similar to our SSI program, costs $70 million a year--not billions, as Rohter would have it. Most countries provide a government-financed guaranteed minimum pension to those who have contributed to the system for a certain period of time and whose account balance would not yield a minimum level. Like Chile and most of the other Latin American countries with individual accounts, most of the CEE systems provide a guaranteed minimum pension at retirement for insured persons whose contributions do not yield a minimum benefit level. |
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