Bloomberg Law for HR Professionals is a complete, one-stop resource, continuously updated, providing HR professionals with fast answers to a wide range of domestic and international human resources...
June 1—The U.S. and Uruguay completed social security treaty talks in record time May 15, producing a text both for the treaty and for its implementing regulations, Labor Minister Ernesto Murro announced on the presidential website May 22.
In the fastest negotiation of an international deal on record for the South American country, the two sides concluded in just two rounds of talks held over a six-month period negotiations typically demanding two to three years.
The texts contained in the treaty's Final Act and hammered out during five days of talks in Baltimore will now be sent to the U.S. State Department and to Uruguay's Labor Ministry for review and then to both nations' legislative branches for final approval and implementation, the presidential website statement said.
The two sides agreed to pursue the pact when then Uruguayan leader Jose Mujica met with President Obama in Washington in May 2014. The first round of talks was held in December in Uruguay.
The agreement would allow Uruguayans working in the U.S. and Americans working in Uruguay to accumulate working years for their home-country retirement benefits. Under the deal, each country would pay a portion of retirement benefits relative to the number of years an employee has worked on its territory.
The implementation of the treaty would make Uruguay the second South American country after Chile to have such a pact with the U.S.
The agreement would boost mutual investments and simplify work benefits management for the 5,000 Americans living in Uruguay and the 50,000 Uruguayans living in the U.S., Murro said.
With the U.S. among the three countries with the most investments in Uruguay, “it is important to have instruments that protect migrant workers and senior staff,” Murro said.
Uruguay and the U.S. already have a Trade and Investment Framework Agreement and a Bilateral Investment Treaty in place. The Uruguayan government has also sought a free trade agreement with Washington, but its partners in the Southern Common Market (Mercosur) have blocked the move, saying bloc members are not allowed to go solo on such deals.
Uruguayan President Tabare Vazquez, who was sworn in on March 1, made the initial FTA proposal in 2006, during a previous five-year term in office, and Economy Minister Danilo Astori relaunched those efforts last year, calling on Uruguay's Mercosur partners to adopt a more flexible approach and let his country “open up to the world” and pursue trade opportunities outside the bloc.
To contact the reporter on this story: David Haskel in Buenos Aires at firstname.lastname@example.org
To contact the editor responsible for this story: Rick Vollmar at email@example.com
The presidential website posting is available at http://www.presidencia.gub.uy/comunicacion/comunicacionnoticias/murro-convenio-bilateral-seguridad-social-texto-reglamentacion, additional information on the Foreign Ministry website at http://www.mrree.gub.uy/frontend/page?1,inicio,ampliacion-ppal2,O,es,0,PAG;CONC;1961;15;D;convenio-bilateral-y-acuerdo-administrativo-de-implementacion-entre-el-banco-de-prevision-social-y-la-administracion-de-seguridad-de-eeuu;4;PAG, both in Spanish.
For more information on Uruguayan HR law and regulation, see the Uruguay primer.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)