The November-December-January 2026 quarter recorded the creation of nearly 113,600 jobs over twelve months, with an employment rate of 59. 9% and the job gap at its second lowest level since the pandemic. Pension formalization improved slightly for both sexes, although the density of contributions from new retirees remains a significant challenge.

The data for the month, in the context of Women's Month, highlights the gender gaps in the labor market and pensions, as well as the progress made in recent years. Santiago, March 20, 2026 – The February edition of the Labor and Pension Barometer (BLYP), prepared by the Center for Business and Society Research (CIES) at the University of Development and the AFP Association, shows a labor market that continues to make gradual progress in its indicators, with the job gap decreasing and pension formalization improving. However, the challenges of job quality and female contribution density remain relevant issues for this year.

In terms of pensions, pension formalization showed an improvement compared to a year ago, driven by an increase in the number of contributors. Specifically, women reached 38. 4% (up from 37.

8% in December 2024) and men reached 51. 2% (up from 50. 6%).

Regarding contribution density, data from December 2025 shows that new retirees are at 46% and men at 64%. While these …

), while men have decreased by 1 percentage point. In this sense, strengthening the pension formalization observed recently will be key to reversing this trend. In labor matters, the November-December-January 2026 quarter recorded an annual growth of 1.

2% in the number of employed, equivalent to nearly 113,600 jobs created in 12 months. This pace is lower than the 1. 8% recorded in the previous quarter and continues to indicate a tight labor market.

Despite this, some significant advances can be highlighted: the job gap to recover in order to reach the pre-pandemic employment rate fell to just under 152,300 positions, its second lowest level in the entire series. Additionally, the employment rate stands at 59. 9%, practically at the threshold of 60%, a level not reached since before the pandemic.

One area that deserves attention is the composition of the jobs created. Of the nearly 113,600 new positions, more than 82,000 (72. 3%) corresponded to informal jobs.

This phenomenon, which is also repeated in the 50 to 65 age group, underscores the importance of advancing policies that promote labor formalization, both for its direct benefits to workers and its impact on long-term pension savings. In the segment of young people aged 18 to 34, employment fell by 2. 6% over 12 months, a magnitude similar to the previous quarter (2.

8%), suggesting a certain stabilization in the declines, although the level remains a challenge. Additionally, the involuntary part-time rate (TPI) among young people aged 18 to 24 reached 30. 8%, with an annual increase of 6.

1 p. p. , while young people aged 25 to 34 recorded a TPI of 36%, the highest among all age groups.

These indicators point to the need to strengthen quality employment opportunities for younger groups, who are currently building their labor and pension trajectories. Roberto Fuentes, Manager of Studies at the AFP Association, emphasizes that: “The improvement in pension formalization is good news and reflects that more workers are contributing to their pensions. However, the high proportion of informal employment among new jobs is a reminder that the recovery of the labor market still faces challenges regarding job quality.

” Finally, the Data of the Month in this edition, published in the context of Women's Month, analyzes gender gaps in the labor market and pensions. The data shows that, although these gaps have narrowed compared to 15 years ago, they still persist: women have a labor participation rate of 55. 8%, nearly 20 p.

p. lower than that of men (75. 2%), face higher unemployment rates (8.

6% versus 7. 9%), and have greater exposure to informality (28. 2% versus 25.

6%). Furthermore, working women tend to concentrate in sectors such as commerce, education, and health, remaining underrepresented in sectors like construction and information, transportation, and communications. As a result of these accumulated gaps throughout their working lives, retired women today receive a median old-age pension that is 36.

7% lower than that of their male counterparts, reinforcing the urgency of policies that promote quality female labor insertion from early stages. Daniela Leitch, a researcher at CIES-UDD, states that: “It is positive to see signs of progressive improvements in the labor market, particularly those related to the reduction of the job gap compared to a year ago and the employment rate approaching 60%. However, there is still a significant degree of tightness, as job creation remains at low levels and the incidence of informality and involuntary part-time work is also evident.

Now, the challenge is to consolidate the small advances and stimulate the creation of formal employment, particularly for young people and women. The data of the month reminds us that gender gaps are neither new nor immutable: they have improved over time, and there is room for further progress. Investing in formal female employment not only reduces labor gaps but also has a direct impact on the quality of life of women in their retirement stage.