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247 – The President of Itaú Unibanco, Candido Bracher, approved the pension reform project studied by the government's economic team, Jair Bolsonaro, which provides for the minimum age of 65 years for the retirement of men and women, in addition to the adoption of the capitalization system. "According to the statements of (the Minister of the Civil Chamber) Oxy Lorenzoni, it is not clear that it is about the reform of the government, but the size of what was presented looks very good, "said Bracher. The pension reform project, however, is not a consensus within the government. "The president is not in favor of the equality of men and women at minimum age, me either," said Vice President Hamilton Mourão. (Read more in Brazil 247 )
According to him, the financial market should react favorably if the discussions progress and if the reform is approved in accordance with the guidelines contained in the draft project. It will be somewhat asymmetrical. "The stock market will increase a lot if it thinks the reform will be approved, but it will fall further if it does not go away." That's because stock prices are already considering a chance for approval 70% to 75%, "he said.
The proposed capitalization of social security follows the model adopted by Chile. There, despite the official rhetoric that this system would be beneficial for workers, the systematic group has suggested that a large proportion of retirees live in poverty and caused a wave of suicides among the elderly population.
According to this model, the worker will have to make some kind of savings and open an individual account to deposit a percentage of salary each month in order to keep their benefits in the future. With this money, he ceases to enter the coffers of government The financial institutions responsible for administering private pension funds are those who benefit from it
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