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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

December 16, 5381

Are Voters Likely to Approve Pension Reform in Uruguay?

At the same time that they select their next president, Uruguayans will decide on an overhaul to the country’s pension system. The Legislative Palace in Montevideo is pictured. // File Photo: Felipe Restrepo Acosta via Creative Commons.

Q

  • In addition to choosing a new president, Uruguayans will vote on a pension reform referendum on Oct. 27. The proposed constitutional amendment, which Uruguay’s largest labor union is pushing, would lower the retirement age to 60 from 65 and effectively grant the state a monopoly over the country’s social security system. What effects would the pension referendum have on Uruguay’s economic profile and social safety net? How is the issue affecting the presidential race, and who are the main supporters and opponents of the reform? How do the leading candidates plan on addressing the social, political and economic effects of the referendum?

A

Juan Andrés Moraes, political science professor at Universidad de la República in Montevideo: “Since the third wave of democratization, Uruguay has been the only Latin American country without significant signs of party system dealignment. While there have been increasing signs of fragmentation and polarization, Uruguay’s politics largely operates through institutionalized parties with clear policy preferences. In this context, a proposed constitutional amendment lowering the retirement age from 65 to 60 and granting a state monopoly over personal retirement funds—currently managed by private agents—has become a major campaign issue. The referendum is promoted by the labor union movement (PIT-CNT), which has a clear leftist orientation…”

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The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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