Chilean President Gabriel Boric Font Thursday signed into law the new pensions reform introducing changes to the retirement mechanism in force since Augusto Pinochet Ugarte's military dictatorship (1973-1990). The new law will become effective starting in September 2025 and be fully implemented by 2035. It provides for a mixed system with contributions from workers (10%), employers (8.5%), and a new state-backed social security component, in a move to boost pensions by 14% to 35% for 2.8 million senior citizens, thus addressing the low payouts from privately-managed Pension Fund Administrators (AFPs) currently giving about half the country's retirees about US$ 350 monthly when the minimum wage stands at US$ 500.
Add your comment!Uruguay's Senate Thursday approved at around 9 pm the pension reform bill which is now up to President Luis Lacalle Pou to be signed into law.
Uruguayan workers took to the streets on Tuesday as part of a general strike called by the PIT-CNT labor federation to express their rejection of the government's proposed pension reform, which they see as “socially inefficient” and “against the people.” The Uruguayan Chamber of Representatives approved the legislation on Tuesday evening after a “marathon” session.
The Uruguayan government has passed a social security reform bill in the Senate. However, objections from the Cabildo Abierto party, a partner of the ruling coalition, have generated uncertainty about its implementation.
French commuters and tourists braced for a fifth day of public transport chaos Monday as the government prepared to respond to widespread anger over pension reform that has sparked open-ended walkouts.
Brazil's Senate on Tuesday gave final approval to a landmark reform of the country's social security system, in a step seen as key to stabilizing public finances and the economy. The text was approved by a vote of 60-19.
Brazil’s Economy Minister Paulo Guedes has canceled a trip to the International Monetary Fund’s annual meeting (IMF) in Washington, to deal with his economic agenda, the ministry said on Wednesday, as the government’s pension reform plan winds its way through Congress.
Brazil’s Senate will hold the second and final vote on pension reform on Oct. 22, party leaders agreed on Tuesday night after long discussions, according to Senator Antonio Anastasia of the Brazilian Social Democratic Party.
Brazil’s Senate on Wednesday approved a landmark pension reform bill in the first round of voting, in relief for far-right President Jair Bolsonaro, although senators voted down an amendment in a move that dilutes the reform’s projected savings. The bill will now pass to a second and final voting round.
Brazil’s Senate constitutional affairs committee on Wednesday approved by a vote of 18-7 a bill that would overhaul the social security system and save the federal government about 1 trillion reais (US$243 billion) over the next decade.