Brazil’s Lower House Delays Pension Reform Vote, Irking Investors
Brazil’s lower house has delayed its second vote on pension reform, and the Senate is already dragging out its first of two votes, creating investor woes as the stock market dipped.
Things were looking good last week as the Chamber of Deputies approved the overhaul in its first of two voting rounds with expectations that lawmakers would conclude their task before the house broke for its July 18-31 recess. But too many deputies took vacation early, so the lawmakers couldn’t muster a quorum. The second round will now begin on August 6.
The Senate, too, will not be rushing into things. Sen. Simone Tebet said Monday that it will take 60 days to evaluate and decide on the bill the lower house approves.
The bill seeks to save Brazil about $267 billion over the next decade by setting a higher minimum retirement age and more stringent requirements to access their pensions.
House Speaker Rodrigo Maia said the most important thing was getting past the first round before the break.
Read more @AI CIO
