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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.956+6.7%Nov 24 3:59 PM EST
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To: Steve Fancy who wrote (15233)5/12/1999 9:00:00 AM
From: wl9839  Read Replies (1) of 22640
 
Brazil's Congress Approves Key Civil Service Reform

Dow Jones Newswires

BRASILIA, Brazil (AP)--Congress on Tuesday approved a reform that is
part of a major shake-up of Brazil's civil service, voting to combat
inflated public sector wage bills.

The upper house voted by 54 to 14 in favour of the bill which would give
authorities power to sack civil service bosses responsible for inflated
spending on wages.

The bill, part of a set of reforms deemed important for Brazil's
long-term financial stability, is now set to be signed by President
Fernando Henrique Cardoso.

Under the bill, payroll spending limits will be cut from 60% to 50% of
revenue for federal government. The ceiling remains at 60% for states
and local governments.

Federal, state and local governments will have to slash two-thirds of
any excess spending on wages within 12 months of the bill becoming law,
and the rest within another year.

For years the civil service had sacred cow status but a series of
reforms are eating into its privilege, as Brazil seeks to shrink its
budget deficit of some $65 billion.

In January, Congress passed a controversial reform which slashed civil
servants' pensions by up to 25% in order to save an estimated $2.6
billion a year.

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