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The intra-generational redistribution in the Argentinean pension program is assessed in a lifetime basis. Using household surveys, the lifetime flows of labor income, contributions and retirement benefits are simulated. Then, the expected present values of pre- and post-social security labor income are computed. The results show that the pay-as-you-go defined-benefit system appears to be regressive, especially for women in the private sector. The results are robust to the use of alternative discount rates and different definitions of pre- and post-social security wealth. When income from informal jobs is taken into account, the system becomes slightly progressive. A weak enforcement of the law makes the system less regressive. Finally, in a counterfactual scenario in which there is no informal labor, the system becomes almost neutral, even showing a small level of progressivity.

Implicit redistribution within Argentina’s social security system: a micro-simulation exercise