The governor of Puerto Rico this week signed a bill aimed at shoring up the island's public pension system for teachers.

The controversial law, which was passed after months of negotiations, increases employee contributions from 9 percent of salary to 10 percent and sets the retirement age for new hires at 62. Under the old law, some new teachers could retire at 50.

Under the new law, current employees who have at least 30 years of tenure can retire at age 55. They are guaranteed a monthly pension of at least $1,625, about $250 more than the current minimum.

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