On Wednesday, the Court validated the signatures necessary to hold a referendum on the pension regime, which will be held on October 27 in parallel with the presidential and legislative elections.

On April 27, the PIT-CNT presented 430,023 signatures in Parliament to materialize the plebiscite. Several thousand of the signatures were rejected by the Court, although the union movement’s goal was exceeded.

The union movement proposes restoring the minimum retirement age of 60 years and that the minimum retirement be tied to the national minimum wage. A fundamental axis of the initiative is the elimination of companies that manage and profit from retirement and pension funds.

The government defends the current regime and warns that the modifications proposed by the PIT-CNT would increase the fiscal deficit and would force an increase in taxes or employee contributions to social security.

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