AFP, Sao Paulo :
Brazilian President Jair Bolsonaro’s proposed overhaul of the country’s bloated pension system sparked a nationwide strike and protests on Friday.
Here’s what the changes mean.
Brazil is one of the few countries in the world without a minimum retirement age.
Bolsonaro wants to introduces a retirement age of 65 for men and 62 for women to enjoy their full pension after they have made contributions for 35 and 30 years respectively.
Not everyone is treated equally, though, with some professions allowed to retire and enjoy their benefits sooner than others.
Teachers, for example, can stop working five years earlier if they have paid into their pension fund for 25 years, while police and prison guards can retire at 55 after 30 years of contributions.
A pared-back version of the original reform proposal was presented to Congress on Thursday, reducing expected savings from 1.2 trillion reais ($300 billion) in 10 years to around 900 billion reais.
Changing the pension system requires three-fifths of Congress to support a constitutional amendment.
Some analysts are optimistic the reform could be passed sooner than expected as the country totters on the edge of recession.
Brazilian President Jair Bolsonaro’s proposed overhaul of the country’s bloated pension system sparked a nationwide strike and protests on Friday.
Here’s what the changes mean.
Brazil is one of the few countries in the world without a minimum retirement age.
Bolsonaro wants to introduces a retirement age of 65 for men and 62 for women to enjoy their full pension after they have made contributions for 35 and 30 years respectively.
Not everyone is treated equally, though, with some professions allowed to retire and enjoy their benefits sooner than others.
Teachers, for example, can stop working five years earlier if they have paid into their pension fund for 25 years, while police and prison guards can retire at 55 after 30 years of contributions.
A pared-back version of the original reform proposal was presented to Congress on Thursday, reducing expected savings from 1.2 trillion reais ($300 billion) in 10 years to around 900 billion reais.
Changing the pension system requires three-fifths of Congress to support a constitutional amendment.
Some analysts are optimistic the reform could be passed sooner than expected as the country totters on the edge of recession.
