UPDATE 1-Brazil's Guedes makes pension reform case as poll shows gov't plan falls on deaf ears

Brazil's Economy Minister Paulo Guedes made the case for pension reform to lawmakers at a special committee hearing in Congress on Wednesday, the same day a survey showed that barely a third of Brazilians are aware of the government's proposals. Flanked by Labor and Pensions Secretary Rogerio Marinho, Guedes argued that unless the system is changed, the public finances will collapse. The government's bill will also boost economic growth and create jobs, he added.

Guedes is under particularly intense scrutiny on Wednesday following a confrontational hearing with lawmakers last month, which was heated, acrimonious and cut short early. The scale of the task to win political and public support for the government's flagship legislation was underscored by the National Confederation of Industry (CNI) survey that also showed a majority of Brazilians who know the basic details of the proposals disapprove of them.

Thirty-six percent of Brazilians surveyed said they are aware of the social security reform bill currently going through Congress. Of that 36 percent, 30 percent were aware of the bill's basic points and just 6 percent said they had a deep understanding, the poll showed. "Among those who say they know the text, 51 percent are against the proposals and 39 percent are for," the CNI said.

The survey also showed that 59 percent of Brazilians believe pension reform is necessary, while 83 percent of those surveyed said they are unwilling to pay more tax to fund the social security system as it currently stands. The special committee is the latest stage in the legislative process for the bill the government says is critical for getting the public finances under control, boosting investment and reviving the economy.

The bill proposes raising the minimum retirement age for men and women and increasing workers' pension contributions, which the government estimates will generate savings of 1.237 trillion reais ($314 billion) over the next decade. Guedes and Marinho insist the bill can be approved around the middle of the year, but few analysts share their confidence. Nor do they believe the savings ultimately generated will be anything like those hoped for.

Investor skepticism has deepened as well, especially in light of weaker-than-expected economic data. Brazilian markets have reacted accordingly, with the real hovering close to 4.00 per dollar and the stock market drifting lower in recent weeks. ($1 = 3.93) (Reporting by Jamie McGeever Editing by Susan Thomas and Bill Berkrot)