Almost “70%” of workers retire at 65, although “three out of four Uruguayans believe that the minimum retirement age should be set at 60 and not raised to 65,” according to Búsqueda, based on a survey by Equipos Consultores.
The problem with retirement age is centered on the retirement salary. When people are told that they will retire with 18 thousand pesos (the minimum) or even 30 pesos, the conflict arises as to whether or not to retire, because it is not enough to cover monthly expenses. The monthly retirement payment (BPS) is always much lower than what the person receives while working.
Many people extend their retirement age to the maximum, not for pleasure but for what they will earn once they enter the pension system of the Social Security Bank (BPS).
In the national elections in October, a referendum will be held on the initiative of the PIT-CNT and with the support of more than 25% of the citizens on the reform of pensions: returning to the age of 60 to retire or leaving it at 65 as the government has decided.
