Proposed reforms (Portuguese) of Brazil’s pension system presented to parliament on 20 Feb 2019 aim to overhaul the system’s financing and reduce pension spending by BRL $1 trillion over a 10-year period. The reforms include setting a minimum retirement age — 65 for men and 62 women — to be phased in over 12 years. Currently, Brazil has no retirement age.
The reforms would require amendment of Brazil’s constitution and, as such, would have to be approved by at least three-fifths of deputies and senators in both the House and Senate. The proposals are expected to change as the parliamentary process progresses.