Brazil pension reform clears Congress

Brazil's Senate on Tuesday approved a sweeping overhaul of the country's pension system to stabilize public finances and restore business confidence, setting up President Jair Bolsonaro to sign his keystone economic proposal into law. The Senate approved the main text of the landmark pension reform by a margin of 60-19 in a late Tuesday session before moving on to consider amendments.

Pension reform has plagued successive governments over the past three decades and has been at the centre of congressional debate for three years running, while the social security deficit has steadily risen. The bill passed by the Senate aims to save the Treasury around 800 billion reais over the next decade via measures that include raising the minimum retirement age and increasing workers' pension contributions.