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  HOME | Argentina

Argentina’s Macri Hopes for Quick Approval of Pension Overhaul

BUENOS AIRES – Argentine President Mauricio Macri said on Friday that he hopes Congress will approve a measure to reform the retirement system by the end of June.

“If God wills it, the Congress will approve it this month,” he told people at a senior center in the Buenos Aires suburb of Lanus.

“That will allow us, starting in September, to pay retirees what they should get,” Macri said, according to a statement released by his office.

The bill, sent to lawmakers last week, would increase pension payments to roughly 2.5 million retirees by an average of 20 percent, the president said.

The initiative aims to compensate retirees who have gone two decades without receiving any cost-of-living increases, despite multiple court rulings ordering the government to adjust pensions for inflation.

Macri said he plans to pay for the pension hike with the proceeds of a proposed tax amnesty for Argentines with money stashed abroad.

 

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