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Financial News: ARGENTINA: Macri Praises New Formula To Calculate Retireme

ARGENTINA: Macri Praises New Formula To Calculate Retirement Benefits

12/19/2017 - 19:26:00 (RTTNews)

(RTTNews) - The Argentinean President Mauricio Macri said that the formula to calculate pension payments would shield retired works from inflation, "which we are fighting and we have not managed to overcome."

Speaking after Congressional approval of the pension reform bill, Macri acknowledged that "there are many reforms that we have to face to build an Argentina that includes all of us."

According to him, "all these changes generate discomfort, but they are the necessary ones."

On Tuesday, after a legislative session that lasted 17 hours and despite protests and clashes outside the Congress, the Argentinean ruling coalition passed the controversial pension reform bill sponsored by the Mauricio Macri's administration.

The legislation changes the formula to update retirement payments. The new rule states that pensions adjustment would track both the inflation rate and the changes of a wage index calculated by the Ministry of Labor. Inflation would have a 70% weight, while the remaining 30% would come from the Ministry's index.

The bill also establishes an optional retirement at age 70 and states that those who retire at minimum wage after more than 30 years contributing to the state pension fund should receive 82% of the monthly minimum wage - or 7,265 pesos (US$ 416.82) currently.

Regarding Monday's clashes involving protesters and security officers outside of the Congress, Macri claimed that "all that violence that we saw yesterday was orchestrated and we are going to face it with the Justice to know who was responsible because it was not spontaneous."

He also accused representatives of "inciting" violence, but without naming them.

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