On December 10th, Bolivia’s President Evo Morales enacted the Pensions Act, an end-of-the-year “gift” to workers announced in November. The text was signed at the headquarters of the Bolivian Workers’ Center (Central Obrera Boliviana, COB), the country’s key unions, who said this was “historical.” The most spectacular measure of this “revolutionary” law is the lowering of retirement age from 65 to 58. The Pensions Act will also expand coverage to sectors that didn’t use to have access to pensions, such as small farmers or workers in the informal economy, who account for 60% of the working population. Exceptionally, women with more than three children will also get the right to retire at age 55 (instead of 60 with the previous system) and miners at age 51 depending on seniority.
easure of this “revolutionary” law is the lowering of retirement age from 65 to 58. The Pensions Act will also expand coverage to sectors that didn’t use to have access to pensions, such as small farmers or workers in the informal economy, who account for 60% of the working population. Exceptionally, women with more than three children will also get the right to retire at age 55 (instead of 60 with the previous system) and miners at age 51 depending on seniority.
Nationalizing pension funds.
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