Finance Minister Meirelles Urges Pension Reform in Brazil

According to the minister if the reform is not approved by Congress in a few years more than eighty percent of the budget will be used to pay for these benefits.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Finance Minister of Brazil, Henrique Meirelles, said that if the pension reform is not approved by Congress this year, it will more difficult to pass by lawmakers next year, an election year. According to Meirelles the country needs the reform to be able to decrease the government’s burden of social security benefits.

"If the pension reform is not approved, in ten years eighty percent of the Union's budget will be used solely for the payment of social security, and this percentage will continue to rise in the following . . .

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