Brazil Senate Approves Pension Reform In First-Round Vote After Savings Hit | 10/1/2019 | Staff
tiffcourt011tiffcourt011 (Posted by) Level 3
BRASILIA (Reuters) – Brazil’s Senate on Wednesday approved a landmark pension reform bill in a first round of voting, in a relief for far-right President Jair Bolsonaro, although senators voted down an amendment in a move that dilutes the reform’s projected savings.

The bill will now pass to a second and final voting round. Senate President David Alcolumbre said the process is likely to be completed by Oct. 10, or perhaps slightly later in the month.

Tuesday - Senators - Bill - Text - Amendment

On Tuesday, senators had easily approved the bill’s main text but rejected a key amendment, which reduced bonus salary payments to low-paid workers, diluting the bill’s overall fiscal impact by 76 billion reais ($18 billion).

Bolsonaro on Wednesday urged senators to approve the legislation, which requires two rounds of voting in the upper house because it will change the constitution.

Reform - Brazil - Years - Sorry - Alternative

“Reform is necessary. If it doesn’t come, Brazil will be bankrupt in two years. Sorry, you have to approve it, there’s no alternative,”...
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