Brazilian President Michel Temer on Monday briefed congressional leaders on details of his administration’s long-awaited retirement system reform. The administration will unveil the full proposal to the Brazilian public on Tuesday. “We need to postpone the retirement age among Brazilians,” Temer told congressional leaders. “The average age for receiving benefits is now 54. We need to reform the system or else we will lose it.” Retirement benefits currently account for 40 percent of government spending, according to administration figures. Press reports said the proposal will set a minimum retirement age of 65 for all workers. Brazilians will need to contribute to the system for at least 25 years to be eligible for benefits. There will be no changes in the system for those already retired or those currently eligible for retirement. Brazilian men 50 or over and women 45 or over will be able to retire under a mixed system. Brazilians under those ages will retire under the new system. The proposal will be presented in the form of a constitutional amendment. Political risk analysts have said it will face tough congressional scrutiny.
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