Finance minister highlights importance of social security reform in Brazil

Brazilian Finance Minister Henrique Meirelles stressed the importance of the country's social security reform on Monday, saying: "This is not a matter of opinion, but of necessity."

The reform bill was expected to be voted on in Congress in the next few weeks. According to Henrique Meirelles, voting on the bill this year is essential, and the reform should not be postponed anymore.

"Long-term projections showed that maintaining the prevailing trajectory of the social security system would be unsustainable," he said.

But the reform is so controversial that, even with a majority in Congress, President Michel Temer is still not able to push for the reform without changing some aspects.

Meirelles reaffirmed the government's position that the system will collapse if it is not restructured soon. The government stresses that the deficit in the system will soon make it impossible for the administration to afford pension payments.

Opponents of the reform bill complain the terms of the bill will put an additional burden on workers from physically demanding sectors like agriculture and construction, which will make citizens work 49 years in order to retire with a full pension. Endi