July 15, 2019 / 11:38 PM / 2 months ago

Brazil's Senate to evaluate pension reform bill in 60 days after approval by lower house

SAO PAULO (Reuters) - Brazil’s Senate is expected to take 60 days to evaluate the proposed pension reform bill after its approval by the lower house of Congress, Senator Simone Tebet said on Monday.

Tebet is president of Senate’s Constitution and Justice Commision, the first stop for the pension reform bill after the final vote by the lower house, expected to happen by Aug. 6.

The revision of the costly pension system is President Jair Bolsonaro’s flagship policy for cutting government spending and restoring health to public finances.

The landmark bill aims to save the Treasury around 1 trillion reais ($267 billion) over the next decade, boost investment and bring the anemic economy back to life.

According to Tebet, the Senate’s Constitution and Justice Commission should take up to a month to evaluate the bill before it is submitted to the full chamber, where it needs to be approved by 49 out of 81 senators.

Reporting by Eduardo Simões; Writing by Gabriela Mello; editing by Jonathan Oatis

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