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article imageBrazil to save $300 bn over 10 years with pension reform: govt

By AFP     Feb 20, 2019 in World

Brazil expects to save more than $300 billion over 10 years through a bill presented to Congress Wednesday that aims to overhaul the country's unsustainable pension system, the government said.

"We need to change the rules of the pension system. People are living longer and women have fewer children, which means that the working population will decrease," Leonardo Rolim, the official responsible for pensions at the Economy Ministry, told a news conference.

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, is a crucial plank of President Jair Bolsonaro's plan to overhaul Latin America's biggest economy.

The president personally went to Congress on Wednesday to hand over a draft of the text.

The retirement age -- which is not provided under the current system -- would be set at 62 for women and 65 for men.

The minimum contribution period has been set at 20 years, but it will take 40 for participants to receive a full pension.

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