Chile was the first country in Latin America to implement neoliberal structural reforms, under the Pinochet dictatorship (1973-1990). Such reforms were oriented by the affirmation of the state's subsidiary nature and the market's expansion in various areas, with a pullback by industry and weakening of labor union organization and workers' rights 1. The country's social security and health systems suffered radical privatizing reforms that influenced other Latin American countries in the subsequent decades 2. Brazil took the opposite direction during re-democratization, and the country's 1988 Federal Constitution adopted a comprehensive definition of social security, encompassing health, social security, and social assistance policies. Brazil's social security model emphasizes the social rights guaranteed by a universal public system through contributive and non-contributive social benefits 3. The model is also based on a shared scheme in which active workers contribute to a fund that pays benefits to inactive workers in each period, establishing an intergenerational pact. The inclusion in social security was important for the defense of other sources of financing and the expansion of non-contributive benefits. Despite the difficulties, the public nature of social security with solidarity was maintained in subsequent decades in the face of reform proposals oriented towards cost containment and reinforcement of capitalization mechanisms, under the logic of individual insurance. In the current Brazilian context, the Chilean system based on individual capitalization has inspired the Bolsonaro government's social security reform proposal, defended by Minister of the Economy Paulo Guedes 4 and submitted to the National Congress in February 2019. It is thus relevant to examine the Chilean reform experience in order to draw lessons and reflect on the potential consequences of adopting a similar model in Brazil. Chile built its social protection system starting in the early 20th century, based on the occupational social security model 5. Alongside Argentina, Brazil, and Uruguay, the country was a pioneer in developing a legal and institutional system and achieving progressive coverage of formal workers until the 1980s 2. However, the system founded on the European model, in which the majority of the population had access to stable jobs and which allowed coverage of family members, was not successful in Latin America 6 , where the high informal labor rates prevented broad coverage and protection against health and work-related risks for citizens excluded from the formal market. Social protection in Chile was structured starting in 1924 with the enactment of laws on labor and workers' protection. Law n. 4,054, on Mandatory Workers' Insurance (Seguro Obrero Obligatorio),