NICARAGUA’S ORTEGA SCRAPS PENSION REFORMS THAT SPARKED DEADLY PROTESTS

President Daniel Ortega of Nicaragua has agreed to scrap a highly controversial reform of the contry’s pension law that sparked 4 days of violence that has left 24 people dead.
In talks with business leaders, Ortega said the Nicaraguan Institute for Social Security (NSS) had decided to axe the reform that would have increased employee contributions and reduced benefits in a bid to tamp down on a climbing deficit.
The measure would have also increased employers contributions while decreasing the overall pension amount by 5%.
The violent protests is the worst in Ortega’s 11 year rule .
He described the protests as ‘criminal gangs’.
Having re-established order, Ortega has promised to look for other ways to bring financial stability to the pension system.

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