Sunday, February 24, 2019

Brazil: President Proposes Pension Reform, Including Raising Retirement Age

According to news sources, Brazilian President Jair Bolsonar's proposals for amending the constitution for pension reform include setting minimum retirement ages for women at 62 and for men at 65, and the number of years workers would have to contribute to the system from 15 to 20. In addition, the "proposal would eliminate an option to retire based only on the number of years workers contributed to the pension system, which currently lets women retire after 30 years of contributions and men after 35 years, regardless of their age."

The new rules would phase in over 12 to 14 years.

Source: Wall St. Journal "Brazil’s President Submits Proposal to Overhaul Pension System Brazil’s President Submits Pension-Reform Plan, in a Key Test" (February 21, 2019); The Economist "Jair Bolsonaro tackles Brazil’s pensions problem" (February 21, 2019); Bloomberg "Brazil Still Short of Votes for Key Pension Reform Bill, VP Says" (February 19, 2019); The Brazilian Report "Brazil's long-awaited pension reform proposal explained" (February 20, 2019)

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