October 22, 2019 / 3:08 PM / a month ago

Brazil Senate committee approves pension reform text, paves way for final vote later Tuesday

BRASILIA, Oct 22 (Reuters) - Brazil’s Senate Constitutional and Legal Affairs Committee on Tuesday approved the text of a pension reform bill, paving the way for a second and final plenary vote later in the day that will sign the landmark bill into law.

That bill aims to save the Treasury around 800 billion reais ($195 billion) over the next decade via a range of measures including raising the minimum retirement age and increasing workers’ pension contributions.

The government and economists say it is the single most crucial measure to put Brazil’s public finances on a more stable footing, boost investor and business confidence, and inject life into the sluggish economy. (Reporting by Ricardo Brito Writing by Jamie McGeever)

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