Depending on your location, I suppose. Mine has only the two speeds as well but it's for the 60hz North American market. I didn't even know it came with a universal pulley until I read this thread.
Neither did I! This is what my pulley looks like. I'm in Canada, which is where it says the turntable was made on the back, so it obviously has to be 60hz... Maybe I just need a new belt?