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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.506-0.2%12:05 PM EST
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To: Steve Fancy who wrote (9005)10/14/1998 10:22:00 PM
From: Steve Fancy   of 22640
 
Brazil delays pension bill votes by a week

Reuters, Wednesday, October 14, 1998 at 19:25

BRASILIA, Oct 14 (Reuters) - Brazil's lower house of
Congress will resume voting on a key social security reform
bill Nov. 4, a week later than previously scheduled, a
congressional spokesman said Wednesday.
"The voting on the social security reform bill will be
resumed Nov. 4," and not on Oct. 27 as previously announced,
the spokesman said.
He said the voting was delayed because many members of the
Chamber of Deputies would be involved in campaigning for the
Oct. 25 second round of elections for state governors in 13 of
Brazil's 27 states.
The social security reform bill has been bogged down in
Congress since 1995.
But it is considered essential to the government's chances
of cutting a budget deficit of more than 7 percent which is the
root problem of the country's economic crisis.
Brazil is expected to post a combined deficit of $40
billion this year in its separate social security systems for
private workers and civil servants in federal, state and
municipal governments.
The reform bill would introduce minimum retirement ages and
tie pensions to contributions.
It has been approved in the Senate but three opposition
amendments have yet to be voted in the lower house. The
government needs three-fifths majorities to defeat each of the
amendments.
william.schomberg@reuters.com))

Copyright 1998, Reuters News Service
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