June 13, 2019 / 3:38 PM / 13 days ago

Brazil pension reform bill to generate savings of 913.4 bln reais

BRASILIA, June 13 (Reuters) - An overhaul of Brazil’s social security system will generate savings of 913.4 billion reais ($237 billion) over the next decade, the press office for the coordinator of a pension reform bill working through the lower house of Congress said on Thursday.

That will be topped up by a further 217 billion reais from the cessation of transfers of funds from a workers protection fund to development bank BNDES, bringing the total fiscal impact to 1.13 trillion reais, Congressman Samuel Moreira’s office said.

His long-awaited report also said that a retirement system based on private savings accounts is not the best system for Brazil, a country with low average incomes, and the costs of transitioning to a more market-based system are high. (Reporting by Maria Carolina Marcello Writing by Jamie McGeever)

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