Source: Foundation for Economic Education
by Marcos Falcone
“A few weeks ago, Uruguay—a country known for its political and economic stability in an otherwise usually turbulent South America—held what many considered to be one of the world’s most boring and uneventful presidential elections. But on the same day, Uruguayans also went to the polls to decide on a proposition that raised some eyebrows both at home and abroad: the nationalization of private social security, along with the lowering of the retirement age from 65 to 60 and the establishment of a minimum pension equivalent to the national minimum salary. The proposition was ultimately rejected, as a majority could not be reached. However, 39 percent of Uruguayans still voted in its favor, and its mere existence was a major cause for concern to investors.” (11/10/24)
https://fee.org/articles/uruguayans-reject-the-nationalization-of-private-pensions-and-rightly-so/