The article is responsible for showing the effects of the pension reform on the labor market, using the change in the Chilean pension system with the 1980 reform, making a transition from a pay-as-you-go system to a system of individual capitalization. To carry out this analysis, the authors used data from a household survey conducted in Gran Santiago between 1957 and 2021. Using econometrics, the study estimates the probability of participating in the labor force according to the date of birth cohort, controlling for individual, socioeconomic and macroeconomic characteristics.

The main results and effects found of the pension system reform are the following:

1. It has generated a significant increase in the probability of belonging to the labor force in the case retired men between 50 and 70 years old.
2. The probability of belonging to the labor force of pensioners between 60 and 70 years old has increased significantly.
3. It has had effects on the probability of being part of the labor force that are significant and even more considerable in magnitude in the case of non-pensioned women between 50 and 64 years old.