Brazil Archives - Pension Policy International

28MarMarch 28, 2025

BlackRock Targets Pension Funds in Growth Strategy for Brazil

BlackRock Inc., the world’s largest asset manager, is in talks with Brazilian pension funds to expand further into the 2.9 trillion-real ($510 billion) industry. “Today, we don’t have a mandate to manage money from pension funds locally in Brazil,” Bruno Barino, who took over as BlackRock’s Brazil country manager in October, said in an interview. “But it’s a natural evolution; there is no way to be in this market and not do it.” With $11.6 trillion in assets under management, BlackRock...

March 28, 2025

News, SliderBrazil, Pension Management

14NovNovember 14, 2024

Brazil. Military pensions post largest deficit among retirement systems

The segment is also the one with the most retirement benefits, according to a TCU report Targeted by the fiscal reforms under consideration by the government, Brazil’s military pension system (SPSMFA) recorded a deficit of R$49.73 billion last year, placing it as less sustainable than the General Social Security System (RGPS) and generating a per capita deficit 17 times higher. This data appears in a separate report by Walton Alencar of the Federal Court of Accounts (TCU), presented during the review...

November 14, 2024

NewsBrazil, Public Pensions, Sustainability

13NovNovember 13, 2024

Brazil’s aging population poses challenges, economists warn

By Marsílea Gombata Brazil is set to experience rapid demographic changes within the next 20 years, which could slow economic growth and increase expenditures on healthcare and pensions. However, these shifts are not being adequately considered in government decision-making, according to economists from the Fundação Getulio Vargas’s Brazilian Institute of Economics (Ibre-FGV). They caution that, from a budgetary standpoint, the government should exercise greater caution with projected spending in areas like education, given the anticipated decline in the population aged...

November 13, 2024

News, OP Ed, Op-EdAging, Brazil, Labor Market

25OctOctober 25, 2024

Beyond Informal Employment: Stagnation and Disguised Employment in Brazil

By Carolina Troncoso Baltar, Esther Dweck, Marilia Marcato & Camila Unis Krepsky This study analyses the Brazilian labour market from 2014 to 2019, focusing on the impact of the country's growth pattern on rising informal and self-employment. After a period of economic growth, Brazil faced a recession (2015-2016) and stagnation (2016-2019). Austerity-driven reforms were implemented, weakening policies aimed at stimulating growth, reducing unemployment, and improving formalization. Using structural decomposition analysis within a demand-driven input-output model, the study examines how changes in demand...

October 25, 2024

Articles, Labor Market2024, Brazil, Informal Sector, Labor Market

23AugAugust 23, 2024

Brazil’s population decline will happen sooner than predicted

The Brazilian Institute of Geography and Statistics (IBGE) has periodically published findings from the 2022 Census. The population count flagged the fast and steep aging of the Brazilian population, and new projections from the IBGE now show just how steep this process is. According to the new calculations, which factor in indicators such as fertility rate (number of births per woman), life expectancy, and migration, the Brazilian population will increase from the current 203 million inhabitants to 220 million in 2041 — when it...

August 23, 2024

NewsAging, Brazil, Labor Market

05JulJuly 5, 2024

Pensions for Migrants – Leveraging the Renda Success

By Arun Muralidhar, Leandro Sarai & Sid Muralidhar Since migrants typically come from developing countries, with weak currencies, and are considered informal workers in developed countries, with hard(er) currencies, they slip through the economic and social cracks. Even if they earn a reasonable income, they do not have access to the formal financial sector and hence have no retirement security (much like informal workers in developed or developing countries). Brazil’s digitally-enabled, through Tesouro Direto, RendA+ retirement income bond, designed along the...

July 5, 2024

Articles, Pension design2023, Brazil, Immigration, Investment

17MayMay 17, 2024

Female Labor Supply and Rural Pension Eligibility in Brazil

By Gaurav Khanna, Margaret Lay, Stephanie Lee & Benjamin Thompson In 1991, Brazil expanded its rural old-age pension to cover millions of previously uncovered women, conditional on work requirements. We use a difference-in-differences approach to show that this expansion drastically increased women’s employment by nine percentage points, or 26 percent. This increase in labor force participation occurred among women who were immediately age-eligible, and among younger cohorts that would be eligible in the future. These results illuminate the capacity of...

May 17, 2024

Articles, Labor Market2024, Brazil, Gender Gap, Public Pensions, Retirement Planning

07MayMay 7, 2024

Brazil officials eye curbs on pension spending, but Lula may resist

Senior officials in Brazil's economic team are signaling a need to curb pension spending in order to shore up public accounts, although their biggest challenge may be convincing President Luiz Inacio Lula da Silva to take such a measure. Despite a sweeping 2019 pension reform, spending on retirements and pension benefits continues to surge, affected by an aging population and Lula's policy of boosting benefits by more than inflation. Treasury Secretary Rogerio Ceron said last week that pension expenses "still deserve attention"...

May 7, 2024

NewsBrazil, Public spending

03MayMay 3, 2024

Pensioen SPECULOOS: Lessons from Brazil for Belgium

By Arun Muralidhar A commonly-accepted retirement goal for a healthy pension is for it to sustain the relatively higher standard-of-living of the latter part of one’s working life throughout retirement. A recent innovation implemented by Brazil in January 2023 might provide a solution to the pension challenges faced by Belgium, and more importantly, satisfy the key goals identified by Belgium Government. We recommend Belgium create and issue an innovative new bond – SPECial ULtra-long Obligatie (PensiOen) Salarisstook (SPECULOOS), known previously...

May 3, 2024

Articles, Pension design2024, Belgium, Brazil, Defined Contribution, Financial Literacy, Income

05AprApril 5, 2024

The Effects of Environmental Distress on Labor Markets: Evidence from Brazil

By Danae Hernandez-Cortes & Sophie Mathes This article documents how environmental distress affects individual-level labor market outcomes in Latin America’s largest economy. We collect data on a broad range of environmental distress events namely heat waves, floods, fires, and droughts, and combine these with uniquely rich administrative information covering the universe of formal employment in Brazil from 2003 to 2017. We find heterogeneous labor effects in response to environmental distress. We find that heat waves disrupt employment, increasing retirement rates...

April 5, 2024

Articles, Labor Market2024, Brazil, Climate crisis, Labor Market, Migration

March 2025

BlackRock Targets Pension Funds in Growth Strategy for Brazil

November 2024

Brazil. Military pensions post largest deficit among retirement systems

Brazil’s aging population poses challenges, economists warn

October 2024

Beyond Informal Employment: Stagnation and Disguised Employment in Brazil

August 2024

Brazil’s population decline will happen sooner than predicted

July 2024

Pensions for Migrants – Leveraging the Renda Success

May 2024

Female Labor Supply and Rural Pension Eligibility in Brazil

Brazil officials eye curbs on pension spending, but Lula may resist

Pensioen SPECULOOS: Lessons from Brazil for Belgium

April 2024

The Effects of Environmental Distress on Labor Markets: Evidence from Brazil