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Table 1 Benefit changes before and after UISA introduction

From: How unemployment insurance savings accounts affect employment duration: evidence from Chile

Event

Before UISA

After UISA

Job change

Loss of accumulated rights to severance pay

Loss of severance pay (as before), keeps accumulated savings in UISA account

Unemployment

Severance pay if job loss occurred due to Labor Code 161

Severance pay (as before), transfer of accumulated savings (maximum five months), solidarity fund if applicable

All other cases: nothing

Inactivity

Severance pay if job loss occurred due to Labor Code 161

Severance pay (as before), transfer of accumulated savings (maximum five months)

All other cases: nothing

Retirement

Nothing

Transfer of accumulated savings given account balance is positive

Death

Nothing

Transfer of accumulated savings given account balance is positive to surviving dependents

  1. Source: by author based on Acevedo, Eskenasi, & Pagés (2006).