Retirement idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers or the state. In many poorer countries, support for the old is still mainly provided through the family. Today, retirement with a pension is considered a right of the worker in many societies,
Pensions in Chile operate, military pensions go to a small section of the population and are financed by all of the taxpayers in the country. The Chilean workers yearly contributions in the private pension fund are amounting to about 3.5% of gross domestic product. The pension payments from the pension funds are still relatively low, mainly because yet just a few depositors have reached the retirement age. Until 2008 the private pension funds have accumulated capital of an amount of 52.77% of gross domestic product. The establishment and the operation of the private pension funds are regulated by law. For example any pension