Brazilian workers outraged over proposed pension reforms

Global Business


Brazil’s President Michel Temer is expected to put forward in the coming weeks a proposal to reform the country’s pension system. There are no details yet on the plan, but what little is known is already causing concern among workers.

CCTV America’s Paulo Cabral reports.

By the current laws, workers could retire as early as age 54, eleven years sooner than a widely anticipated proposal that would raise the age to 65.

It’s expected to be part of a pension reform plan coming soon from President Michel Temer, part of his “tough love” campaign to re-balance the country’s finances.

Most economists agree that Brazil’s social security system is not sustainable long-term and that changes are necessary to deal with a growing deficit. But any measures to re-balance the program are bound to meet with strong resistance.

The leftist groups and social movements that protested against the impeachment of Dilma Rousseff have been saying they will take to the streets again to fight any measures set to remove or reduce workers’ rights.

Reforming a pension system is a difficult and often painful task, but economists are arguing it may be essential to make sure young workers will have some sort social security to rely on in their old age.