Brazilian President Jair Bolsonaro on Thursday approved a tough Economy Ministry proposal to overhaul the nation’s bankrupt pension system, Social Security Secretary Rogério Marinho said. Marinho said the President will send the bill to Congress on February 20 and will deliver a televised address to the nation the same night. Marinho spoke to reporters following an afternoon meeting between Bolsonaro and top policy-makers. Marinho said the version of the reform green lighted by Bolsonaro will set a minimum retirement age, for men, of 65 and, for women, 62. The minimum age will be phased in over a period of 12 years. Currently, there is no minimum retirement age. Other details of the reform will be disclosed in the coming days, Marinho said. He said the proposal will aim to reduce pension spending by R$1 trillion over ten years.
Link to government news agency release