Brazilian Economy Minister Paulo Guedes said on Wednesday he is “optimistic” that Congress will pass a pension reform bill that will generate savings of 1 trillion reais (US$ 261.68 billion) over 10 years, in line with the government’s ambitious proposal.
Far-right Brazilian president Jair Bolsonaro’s new government wants to save 1 trillion Rreais (some US$ 269.48 billion) over 10 years via pension reforms economists say are vital to undo the growing fiscal deficit, a Brazilian newspaper reported on Monday.
Brazilian President Michel Temer said that he could lift the federal military intervention in Rio de Janeiro state by October to allow for a pension reform vote in Congress.
Violence has erupted in Brazil at the end the country's first general strike in more than 20 years. Buses and cars have been set on fire in Rio de Janeiro's city centre while roads blocks set up by activists were also ablaze and some shops were vandalized.
Under pressure from the public, Chile’s President Michelle Bachelet proposed changes to the most radical of all the economic reforms of former dictator Augusto Pinochet — the private pension system that inspired a wave of similar projects worldwide.
Teachers and civil servants marched through the streets and picketed government buildings across Britain today in protest at planned pension reforms, launching what could be a long period of labour unrest over austerity measures.