Abstract Latin America has been experiencing a process of pension reform for more than three decades. Although these reforms have had some success in helping the systems achieve fiscal sustainability, they have not provided the citizens of Latin American countries with broad social protection, thus leaving a certain proportion of people without access to pensions during their old age and, in many cases, forcing them to extend their participation in the labour force. Hence, there is a need to identify the socioeconomic factors that promote the likelihood of obtaining a pension or, conversely, of continuing to work into old age. Based on micro-data from the National Household Surveys of five representative Latin American countries, this paper uses a Probit model to investigate this likelihood. Depending on country-specific aspects, this research finds that factors such as wealth accumulated during working years, high levels of education, additional income flows, family support, and age and gender tend to define the fate of the elderly regardless of whether they are included under the social protection umbrella.

中文翻译：

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拉丁美洲养老金改革背景下的退休和劳动力市场

摘要拉丁美洲已经经历了三十多年的养老金改革过程。尽管这些改革在帮助该系统实现财政可持续性方面取得了一些成功，但它们并未为拉丁美洲国家的公民提供广泛的社会保护，因此使一定比例的人在年老时甚至在许多情况下都无法获得养老金。 ，迫使他们扩大对劳动力的参与。因此，有必要确定社会经济因素，这些因素促进获得养老金或相反地继续工作到老年的可能性。基于五个拉丁美洲国家的全国住户调查的微观数据，本文使用Probit模型来研究这种可能性。根据特定国家/地区的不同，