Brazilian President Jair Bolsonaro on Wednesday unveiled a crucial plank of his plan to overhaul Latin America's biggest economy, presenting a bill to Congress to reform his country's unsustainable pension system.

Senior citizens stand after receiving makeovers and beauty care at a beauty salon in Sao Paulo, Brazil, November 27, 2017. (Photo: VCG)

The text, which requires constitutional changes to impose a minimum retirement age and extended pay-in periods for workers in both the public and private sectors, would save more than $300 billion over 10 years, the government said.