Brazil has one of the strongest economies in Latin America. Brazil is among the countries with the fastest growing populations with the majority of the people lying in the middle age. The Brazilian economy even grows further in the next few years if it were not for the generous pensions that the government is giving Brazilian workers.
As it stands, the current Brazilian pension scheme is among the most generous in the world. It even surpasses that of Greece. Under the current pension system, Brazilian workers can retire as soon as they clock 50 years on full pension. Currently, the Brazilian federal government spends at least 2 percent of the country’s GDP on paying pension to the retirees. Experts estimate that by 2030, the Brazilian government could be spending the entire budget on pay pensions for its workers if reforms are not done immediately.
Efforts to reform the Brazilian pension scheme
After the current Brazilian President, Michel Termer took over after his predecessor was impeached, it seemed like he would finally save the Brazilian economy from collapsing according to estadao.com.br. However, his efforts to bring the pension reforms hit the wall when corruption allegations were labeled against him. The passing of the proposed pension reforms bill was postponed for the Congress to determine whether the president should be tried for corruption.
Impediments to the proposed pension reforms bill
The proposed bill has been subjected to the cat and mouse game between the executive and legislature from the early last year. Initially, President Michel Termer introduced a tough version of the pension reform bill but it failed to garner the required votes in Congress to be passed into law. The legislators feared that the proposed pension reforms bill would rub Brazilians the wrong way hence hamper their chances of re-election later this year.
The proposed bill also sparked a series of protests in the country with many people opposing the passing of the bill into law. The protestors outside the modernist congress building were lamenting that the proposed pension bill would subject them to work longer before they can receive their pension.
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Luiz Carlos Trabuco shares his expert opinion
While speaking to the journalists during the Brazilian Carnival, Luiz Carlos Trabuco, a respected Brazilian banker expressed his support for the proposed bill. Luiz Carlos Trabuco who has been working in the Brazilian banking industry since 1969 noted that the pension reforms would help the government in managing the runaway budget.
Luiz Carlos Trabuco serves in the second largest private bank in Brazil as the chairman. Luiz has a wealth of experience in the Brazilian banking industry spanning over five decades. He joined Banco Bradesco in 1969 as a mere intern and climbed the leadership ladder to become the banks President and then Chairman.
His current roles as the chairman of Bradesco include overseeing and guiding the executive whenever they need his counsel. Although Luiz Carlos Trabuco is deeply engulfed in the private sector, he doesn’t shy away from commenting on issues in the public domain. Banco Bradesco, the bank that he leads plays a vital role in the Brazilian economy.
Search more about Luiz Carlos Trabuco: http://www1.folha.uol.com.br/mercado/2017/10/1926243-proximo-presidente-do-bradesco-saira-da-diretoria-do-banco-diz-trabuco.shtml