Brazil's government proposes setting retirement age at 65

AP News
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Posted: Dec 05, 2016 4:33 PM
Brazil's government proposes setting retirement age at 65

SAO PAULO (AP) — Brazil's government is proposing fixing the minimum retirement age at 65 as part of an overhaul to a pension system many say is unsustainable.

Currently, Brazilians have the option of retiring based on the number of years they have worked, and many retire in their mid-50s.

President Michel Temer presented the pension plan to congressional and union leaders Monday night. The proposal goes to Congress on Tuesday.

Brazil is suffering a deep recession, and the government hopes a pension reform will alleviate pressure on public finances and help stimulate growth.

In announcing the plan, Temer said: "Reforming social security today is the only guarantee of ensuring a social security system in the future."