A sweeping pension reform, based on details confirmed earlier in the day by the Economy Minister, could pass its first congressional test by May, the Speaker of the Brazilian Chamber of Deputies said Tuesday. Newly re-elected Speaker Rodrigo Maia said he will push for immediate and swift consideration of the reform by the lower house of Congress. The reform will come before Congress as a proposed constitutional amendment requiring a three-fifths vote by both houses. Economy Minister Paulo Guedes, earlier Tuesday, offered details of the administration’s proposal. These include setting a minimum retirement age of 65 for both men and women and allowing payment of maximum benefits only after 40 years of contributions to the system. The system will gradually shift, during a period of transition, to a self-sustaining regime based on individual investment accounts. Guedes told reporters, “Our aim is to save R$1 trillion over the next 10 to 15 years.” He said the Economy Ministry will present Brazilian President Jair Bolsonaro two or three different versions of the proposal, with the president making the final choice on which one to send to Congress.
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