Brazil Considers Minimum Retirement Age of 65 for Both Men and Women – Reuters

Brazil’s government has begun discussions with congressional leaders, state governors, and mayors regarding a pension reform bill aimed at establishing a minimum retirement age of 65 for both men and women, according to a government official.

This proposal is one of several being considered as President Jair Bolsonaro seeks to initiate significant changes to Brazil’s struggling social security system.

Currently, men can retire at 65 and women at 60, provided they have contributed to the system for at least 15 years. However, men can retire at any age if they have been paying into the system for at least 35 years, while women can do so after 30 years of contributions.

Rogerio Marinho, the secretary of social security and labor at the Economy Ministry, confirmed the discussions are in progress regarding these changes. According to reports, the proposal also mandates that workers contribute to the system for a minimum of 20 years.

Bolsonaro’s spokesman, Otavio Rego Barros, noted that until a draft is finalized, the president cannot confirm any specifics regarding social security reform.

Reforming social security is a top priority for Bolsonaro, with potential savings estimated at up to 1.3 trillion reais (approximately $354 billion) over the next decade, according to sources from the economy ministry.

Investor confidence in Brazil this year largely hinges on the successful implementation of pension reform, and the recent election of Bolsonaro’s allies to key leadership positions in the house and senate is viewed as a positive sign.

As a result, the stock market reached a record high, surpassing 98,500 points, and the Brazilian real has appreciated by around 7 percent against the dollar in the past six weeks.