  Second, the risk that a situation of prolonged absence from paid work may cause significant losses of human capital, which have an effect on future employability, productivity, and remunerations.4    Third, the net-worth effect of the use of mechanisms to compensate for lost income, such as indebtedness and savings depletion, with implications for the permanent income of the female workers affected. In the Chilean case, this is illustrated by the fact that 63 percent of the workers who emptied their pension fund accounts after withdrawing their pension savings are women. About women’s expectations for returning to the labor force, the CBC conducted a study that collected the testimony of a group of women who left their jobs to devote themselves to care giving and found three groups with different types of expectations. One group includes those who expect to go back to the work once the sanitary situation returns to normal. Another group includes those who believe that they will not return to the labor force after the crisis, with this expectation being more recurrent in older women. Finally, those who do  2  “Estimating Non-remunerated Household Work 2020” Statistics Division, Central Bank of Chile. IPEC, May 2021, Adimark. 4 Edin and Gustavsson (2008), “Time Out of Work and Skill Depreciation,” Industrial and Labor Relations Review; Hernanz and Jimeno (2018), “Inestabilidad Laboral en el Empleo, Duración del Desempleo y Depreciación del Capital Humano,” Cuadernos Económicos de Información Comercial Española ICE.

Other annexes are still under development and will be finalized during the course of this year. Second, I would like to inform the Committee of the results of an evaluation that the CBC voluntarily underwent as part of the International Monetary Fund’s (IMF) pilot scheme for the new Central Banks Transparency Code. The Code, which was approved by the IMF in July 2020, covers transparency in governance, policies, operations, outcomes, and official relations.7 This evaluation was done over five months, and concluded that “the Central 5  This document can be seen at https://www.imf.org/-/media/Files/Publications/PP/2020/English/PPEA2020038.ashx The Panel was composed by former Governor of the Bank of Israel Karnit Flug (Chair of the Panel); Senior Research Fellow at the Brookings Institution, Member of the Financial Stability Committee of the Bank of England, and former Vice Chairman of the US Federal Reserve Donald Kohn; Professor at the University of Cambridge, England, and Expert Evaluator on Transparency and Communication of Monetary Policy Petra Geraats; Professor at the University of Columbia University, United States, and former Chief Economist of the IADB Guillermo Calvo; and University of Pennsylvania Professor and former IMF Research Fellow Enrique Mendoza. The Panel conducted its work between January and September 2019. Both the final report and the CBC’s response to each of the Panel’s recommendations are available at https://www.bcentral.cl/documents/33528/2077651/BCCh_Evaluaci%C3%B3n_Externa-Respuesta_BCCh.pdf 7 For the IMF’s Central Bank Transparency Code, see footnote 5. For the result of the CBC evaluation, see 6  Page 13 of 27  Bank of Chile has implemented broadly advanced transparency practices.