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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/bolivia-lowers-retirement-age-to-58.jpg"><img class="alignnone size-full" title="Bolivia's President Evo Morales, left, signs the new retirement law in La Paz, Bolivia" src="http://londonglossy.com/wp-content/uploads/2010/12/min-bolivia-lowers-retirement-age-to-58.jpg" alt="Bolivia's President Evo Morales, left, signs the new retirement law in La Paz, Bolivia"/></a></p>
<p>Bolivia has lowered the country&#8217;s retirement age to 58, bucking the global trend where countries are pushing people to work longer to ease the financial burden of rising life expectancy.</p>
<p>Critics say Bolivia&#8217;s law, which also nationalises the pension system and generously extends coverage to the poor, is overly ambitious and unsustainable.</p>
<p>Left-wing President Evo Morales signed the bill on Friday, surrounded by members of the powerful Bolivian workers federation which helped draft the law.</p>
<p>Bolivia&#8217;s current retirement age is 65 for men and 60 for women.</p>
<p>&#8220;We are fulfilling a promise with the Bolivian people. We are creating a pension system that includes everyone,&#8221; Mr Morales said at the signing ceremony.</p>
<p>The law, which takes effect in a year, also extends pensions to the three million people &#8211; 60% of the working population &#8211; who work in the informal economy as everything from street vendors to bus drivers.</p>
<p>&#8220;Evo Morales thinks about the poor people, so they can have something for when they get old,&#8221; said Juan Quispe, 45, a father of three without a pension who sells ice cream on the street outside the National Palace.</p>
<p>The new law will allow Bolivia&#8217;s 70,000 miners to retire two years earlier &#8211; or as soon as 51 if they have worked in life-sapping conditions deep underground. Women with more than three children will also get special treatment &#8211; the right to retire at 55.</p>
<p>Mr Morales, an Aymara Indian and the country&#8217;s first indigenous president, grew up a poor llama herder and later went on to become a coca-growers&#8217; union militant.</p>
<p>The socialism he preaches is rooted in the communitarianism of his native culture. Since taking office in 2006, he has put the landlocked Andean nation&#8217;s natural gas reserves, main phone carrier and electrical grid under state control.</p>
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