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Rousseff’s Pension Reform Legislation Passed by Brazil’s Senate

Brazil’s Senate gave final approval yesterday to a bill that seeks to gradually eliminate the country’s pension deficit by limiting government payments to 3,916 reais ($2,144) per month to retired public workers.

To receive more, public workers must make contributions to individual retirement accounts created by the law, with the government’s matching contributions limited to 8.5 percent of the amount by which each employee’s salary exceeds the pension ceiling.