Brazil aims to save more than $270 billion in a decade with pension reform

Jair Bolsonaro, Brazil's president, delivers a speech during a special address on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 22, 2019.
Jason Alden | Bloomberg | Getty Images
Jair Bolsonaro, Brazil's president, delivers a speech during a special address on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 22, 2019.

Brazil's government aims to save more than 1 trillion reals ($270 billion) in 10 years for public coffers with a pension reform bill delivered to Congress on Wednesday, according to an Economy Ministry presentation.

A proposed constitutional amendment that President Jair Bolsonaro presented to congressional leadership would save 1.072 trillion reals in a decade.

Proposed changes to military pensions, which the government pledged to deliver within 30 days, would bring savings to 1.165 trillion reals in 10 years.