July 2, 2019 / 9:59 PM / 3 months ago

UPDATE 1-Brazil lower house speaker sees pension reform savings closer to 1 trillion reais

(Adds detail, context)

BRASILIA, July 2 (Reuters) - The amended pension reform bill Brazil’s special congressional committee will soon vote on aims to generate savings of around 940 billion reais ($244 billion) over the next decade, lower House Speaker Rodrigo Maia said on Tuesday.

That total after additional measures are inserted into the text would be more than the 913 billion reais targeted in the current version of the committee’s report, and less than the government’s stated goal of 1.237 trillion reais.

But it would be closer to the 1 trillion reais Economy Minister Paulo Guedes and other government officials insist is needed to get the public finances back on a stable long-term footing and revive investor and business confidence in Brazil.

The special pensions committee will look to begin voting on the amended bill on Wednesday, sources involved in the talks said on Tuesday. This is needed before the bill is put to the lower house plenary for approval there, before it gets the final seal of approval in the Senate.

The government hopes it will be passed in the lower house plenary before Congress breaks for recess on July 18.

But there are still some sticking points, namely whether to reinsert states and municipalities back into the bill. Talks are ongoing to reach agreement on this issue, Maia said.

New retirement rules for these workers were withdrawn last month by the special committee’s coordinator Samuel Moreira. That, and other changes, infuriated government officials, particularly Paulo Guedes.

$1 = 3.8454 reais Reporting by Maria Carolina Marcello Writing by Jamie McGeever; Editing by Lisa Shumaker and Diane Craft

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below