Brazil Unveils Details of Bold $312 Billion Pension Plan
- Retirement age to be set at 65 for men, 62 for women
- Congressional support for unpopular reform still unclear
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Brazil President Jair Bolsonaro paid a visit to Congress on Wednesday morning to submit his proposal to overhaul the pension system, in hopes that the effort to bolster fiscal accounts helps revive an economy that’s struggling to emerge from a massive recession.
Bolsonaro is still working on building a strong coalition in Congress to pass the unpopular initiative -- an effort that may be hindered by the president’s dismissal of a key aide this week, the first ouster of his cabinet. For now, markets have given the administration a vote of confidence.