This concluding chapter summarizes the findings of the study. The empirical investigations and simulations show that women who work in the formal labor market have their own retirement saving accounts in the new systems. For many it is the first time they have had savings of their own. These accumulations and the pensions that they finance are smaller than those of men due to lower lifetime employment, earnings, and contributions, as well as earlier normal retirement age. However, because they tend to be low earners, women are recipients of net public transfers that raise their monthly and lifetime benefits. As a result, pension income tends to replace a higher proportion of average annual earnings for women than for men, especially for low earners.
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