Bolivia – Bolivia enacted a law Friday lowering the country's retirement age to 58, bucking a global trend in which countries push people to work longer to counteract the burden on national treasuries of rising life expectancy.
Critics say the law, which also nationalizes the pension system and generously extends coverage to the poor, is unsustainable.
Leftist President Evo Morales signed the bill surrounded by members of the powerful Bolivian workers federation, which helped draft the law.
Bolivia's current retirement age is 65 for men and 60 for women.
The law, which takes effect in a year, also extends pensions to the 3 million people — 60 percent of the working population — who labor in the informal economy as everything from street vendors to bus drivers.
"We are fulfilling a promise with the Bolivian people. We are creating a pension system that includes everyone," Morales said at the signing ceremony.
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