WORLD Brazil pension reform to save gov't over 200 bln USD in 10 years

WORLD

Brazil pension reform to save gov't over 200 bln USD in 10 years

Xinhua

09:35, September 12, 2019

RIO DE JANEIRO, Sept. 11 (Xinhua) -- The Brazilian government expects proposed social security reforms to save the state more than 876 billion reals (about 214 billion U.S. dollars) in 10 years.

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File photo: CGTN

Secretary of labor and social security at Ministry of Economy Rogerio Marinho presented the figures at a Senate hearing on Tuesday.

The bill was passed by the House of Representatives in August, and requires the Senate's approval before it can be signed into law.

However, senators have amended the bill, meaning it will be returned to the House of Representatives for another vote, since both chambers of Congress must approve the same version of the bill.

While the government considers the savings essential for Brazil's economic recovery, opponents of the bill say it places too much burden on the working class by raising the minimum retirement age.

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