Brazil Senate committee approves bill overhauling pension system

Brazil's Senate constitutional affairs committee on Wednesday approved by a vote of 18-7 a bill that would overhaul the social security system and save the federal government some 1 trillion reais ($243 billion) over the next decade.

The committee is expected to approve a parallel bill that would include state and municipal pension systems in the overhaul and save an additional 350 million reais. The bills must still win approval in the full Senate. The second bill, which has been drafted in the Senate, also requires approval in the lower house of Congress.