(2026) Chile combines high income levels and strong human development outcomes with persistent inequality. This paper examines the country's social protection matrix, focusing on its institutional configuration, financial structure, and main outcomes. The analysis distinguishes three core components—mandated savings, occupational insurance, and social assistance—and explores their respective roles in redistribution, poverty reduction, and political sustainability. The results show a hybrid matrix shaped by successive policy regimes, with a marked bias toward old-age protection.