Brazil's Lula not planning to revoke labor, pension reforms, VP says

President Luiz Inacio Lula da Silva does not intend to revoke Brazil's labor and pension reforms, market-friendly moves passed by Congress in 2017 and 2019, Vice President Geraldo Alckmin said on Monday. Alckmin's remarks echoed comments by Lula's Chief of Staff Rui Costa, who earlier this month ruled out plans to revise the previous government's economic reforms after markets tanked on fears that could happen. He said the Lula administration plans to end the IPI tax levied on industrial goods.

President Luiz Inacio Lula da Silva does not intend to revoke Brazil's labor and pension reforms, market-friendly moves passed by Congress in 2017 and 2019, Vice President Geraldo Alckmin said on Monday.

Alckmin's remarks echoed comments by Lula's Chief of Staff Rui Costa, who earlier this month ruled out plans to revise the previous government's economic reforms after markets tanked on fears that could happen. Costa and Alckmin were lined up to fix fences following communication hiccups in the early days of the leftist administration, when ministers suggested reviewing the reforms.

"Lula has been saying he will not revoke either the labor reform or the pension reform. What you can do is perfect them," the vice president said at an event hosted by Sao Paulo's industry group FIESP, specifically mentioning mobile app workers. Alckmin, who is also Lula's minister of industry and trade, reiterated that the government would now push for tax reform in Latin America's largest economy.

"Our goal is to go ahead with the third reform - after pension and labor reforms, the tax reform," Alckmin said. He said the Lula administration plans to end the IPI tax levied on industrial goods. "The tax reform is essential to industry."

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