Brazil's Senate will conclude the first round of voting on a landmark pensi...
BRASILIA - Brazil’s Senate will conclude the first round of voting on a landmark pension reform bill on Wednesday, the government’s leader in the upper house said, following a late-night setback to total savings for the social security overhaul.
Speaking a day after senators approved the bill’s basic text but rejected a key amendment in a move that dilutes its overall fiscal impact by 76 billion reais , Senator Fernando Bezerra said they should finish voting on amendments later in the day. There are six more amendments to be considered and voted on before the second and final vote can be held, probably next week.
“Reform is necessary. If it doesn’t come, Brazil will be bankrupt in two years. Sorry, you have to approve it, there’s no alternative,” Bolsonaro said in a video on his Facebook page.Overhauling the costly social security system is Bolsonaro’s economic reform priority this year. Through a mix of unpopular measures such as an increase to the minimum retirement age and to workers’ pension contributions, the bill aims to save the public purse more than 900 billion reais over the next decade.
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