<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0301-7036</journal-id>
<journal-title><![CDATA[Problemas del desarrollo]]></journal-title>
<abbrev-journal-title><![CDATA[Prob. Des]]></abbrev-journal-title>
<issn>0301-7036</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0301-70362026000100061</article-id>
<article-id pub-id-type="doi">10.22201/iiec.20078951e.2026.224.70383</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The distributional impact of contributory pensions. An application to the Uruguayan case]]></article-title>
<article-title xml:lang="es"><![CDATA[El impacto distributivo de las pensiones contributivas. Una aplicación al caso uruguayo]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lavalleja]]></surname>
<given-names><![CDATA[Martín]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rossi]]></surname>
<given-names><![CDATA[Ianina]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Comisión Económica para América Latina y el Caribe  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Uruguay</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de la República Facultad de Ciencias Sociales Departamento de Economía]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Uruguay</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2026</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2026</year>
</pub-date>
<volume>57</volume>
<numero>224</numero>
<fpage>61</fpage>
<lpage>87</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0301-70362026000100061&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0301-70362026000100061&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0301-70362026000100061&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Assessing the distributional effects of pensions is complex since individuals contribute to pension funding. We compare the expected present value of benefits net of direct contributions with a hypothetical scenario with no pension program, where individuals would save their payroll taxes in an individual fund and, upon retirement, purchase a life annuity. Our analysis shows that the Uruguayan pension program negatively impacts the poorest retirees, particularly younger males outside the major urban centers. These findings are closely tied to social security regulations.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Evaluar los efectos distributivos de las pensiones es complejo, ya que los individuos contribuyen al financiamiento de las pensiones. Se compara el valor actual esperado de los beneficios netos de las contribuciones directas con un escenario hipo tético sin programa de pensiones, en el que los individuos ahorrarían sus impuestos sobre la nómina en un fondo individual y, al jubilarse, comprarían una renta vitalicia. El análisis muestra que el programa de pensiones uruguayo tiene un impacto negativo en los jubilados más pobres, en particular en los hombres más jóvenes que viven fuera de los principales centros urbanos. Estos resultados están estrechamente relacionados con la normativa de la seguridad social.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[annuity]]></kwd>
<kwd lng="en"><![CDATA[pension]]></kwd>
<kwd lng="en"><![CDATA[redistribution]]></kwd>
<kwd lng="en"><![CDATA[regulation]]></kwd>
<kwd lng="en"><![CDATA[social security]]></kwd>
<kwd lng="es"><![CDATA[aualidad]]></kwd>
<kwd lng="es"><![CDATA[pensión]]></kwd>
<kwd lng="es"><![CDATA[redistribución]]></kwd>
<kwd lng="es"><![CDATA[regulación]]></kwd>
<kwd lng="es"><![CDATA[seguridad social]]></kwd>
</kwd-group>
</article-meta>
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