A $23 Billion Pension Vote Is Overshadowing Uruguay Election
- Markets unnerved by ‘dangerous’ bid to boost old-age benefits
- Unions pushing to lower retirement age, address inequality
This article is for subscribers only.
In Latin America’s haven for the rich, Uruguayans are about to decide whether to overhaul their social security system in a controversial $23 billion proposal that’s overshadowing the upcoming presidential election.
Voters will also select new legislators when they head to the polls Oct. 27, but it’s the push to enshrine major pension changes in the constitution that has captured the attention of everyday citizens and international markets. If approved by a majority, the measure would increase minimum payouts, lower the retirement age and transfer privately managed savings to a government-run trust.