Brazil Debates Its Next Pension Reform as the Last One Unravels

Fiscal Policy

Key Facts

—The bill. Pension spending hit a record R$1.03trn ($200bn) in 2025, about 12 percent of national output across all schemes.

—The gap. To close the accounts the treasury paid in R$320.9bn ($62.3bn), equal to roughly thirty-one percent of total pension spending.

—The courts. In June the Supreme Court struck down the minimum age for hazardous-work pensions, a rule the 2019 reform had introduced.