Brazil’s pension reform process will pick up momentum after the Easter holidays, staying on track for approval in the lower house in May or June, the lower house speaker Rodrigo Maia said on Thursday.
Brazil President Jair Bolsonaro on Friday called for minimum retirement ages significantly lower than those proposed by his predecessor, sparking concerns among investors that he will back watered-down pension reform legislation.
A new version of Brazil’s unpopular pension reform bill presented on Wednesday would require fewer years of contributions by private sector workers to receive a pension, according a draft of the legislation that the government hopes will win approval in Congress.
Brazil's President Michel Temer admits for the first time that the crucial pension reform legislation could not be passed by Congress this year. In an interview with Poder360 news website, Temer said the government had to again consult lawmakers in the government coalition, many of whom have already said they are doubtful the legislation will pass this year.
Brazil's Congress is expected to reopen the door for a modest pension overhaul as soon as October, lawmakers said before returning to normal business on Thursday following a vote to block a corruption trial against President Michel Temer. Still, legislators warned that Temer must spend some of his newfound political capital either on measures raising tax revenue or a new, less ambitious 2017 budget target.
Brazilian President Michel Temer acknowledged on Monday that he may not have the votes at present to pass his pension reform bill in the lower house of Congress, and the key measure for fiscal savings might not face a floor vote until late May.
Economic activity in Brazil grew in February at the fastest pace since January 2010, a central bank indicator showed this week, in the strongest sign yet that Latin America's largest economy is emerging from a two-year recession. Bumper harvests are expected to have lifted agricultural production in the first quarter of the year, while industrial output improved on a pickup in car exports.
Brazilian President Michel Temer on Tuesday made new concessions to ease passage of an unpopular pension reform bill, leading police unions to try and invade Congress in the latest angry demonstration from a labor group.
Brazilian President Michel Temer plans to water down its landmark pension reform proposal to ease lawmakers' resistance to the controversial bill key to rebalance the government's depleted finances. Temer said in a radio interview on Thursday he has authorized the lawmaker sponsoring the plan to alter its terms as long as he maintains the bill's minimum retirement age. He did not specify what changes could take place.
Brazil's President Michel Temer submitted a crucial bill to Congress that would raise the retirement age to 65. The draft bill, part of a pension reform plan, would apply to all men under 50 and women under 45, following 25 years of contributing to social security.