Brazil’s Social Security Over US$ 1 Billion in the Red

The Social Security deficit, which reflects the difference between benefit payments and contributions, amounted to slightly over US$ 1.23 billion (3 billion reais) in July, less than the deficit registered in June.

The secretary of Social Security in the Ministry of Social Security, Helmut Schwarzer, said Thursday, August 25, that the situation of financial imbalance reflects the increased cost of benefit payments, a consequence of populational growth and improvements in the average value of benefit payments.


Nevertheless, he underscored that contributions were up nearly 7% in comparison with July, 2004. The reason, according to the secretary, is the increase in formal job posts.


ABr

Tags:

Ads

You May Also Like

Hackers Invade Brazil’s Ruling Party Site and Post Obscene Message

"Chega dessa porra" (Enough of this shit!) was one of the messages left by ...

In Davos, Brazil’s Lula Fights for the Poor and Cajoles the Rich

Brazilian President Luiz Inácio Lula da Silva will participate in four bilateral meetings while ...

Car Exporters in Brazil Get New Line of Credit from BNDES

The Brazilian Development Bank (BNDES) announced the creation of a new line of credit ...

‘Let’s Not Fool Ourselves that We Are Rich,’ Says Brazil

Brazil’s Minister of Foreign Relations, Celso Amorim, demanded the country’s ambassadors to endeavor more ...

Biotech Crops Curb Erosion and Pollution in the US and Brazil, Says GM Crowd

Since the introduction of biotech crops in 1996, farmers have reduced – and, in ...

Brazil and US Prepare Meeting Between Presidents Lula and Obama

During the first official meeting in Washington of a Latin American representative with the ...

90% of Amazon Timber Is Illegal and Brazil Buys Most of It

Ninety percent of all the timber currently produced in the Amazon is of illegal ...

Brazil’s Capital Brasí­lia Reaches 50 with New Works by Niemeyer, Its Creator

Oscar Niemeyer, Brazil's greatest living architect, at the tender age of 101 (no typo ...

For a Change, a Brazilian Movie That’s Not a Punch in the Solar Plexus

Even if Cidade Baixa (Lower City) were only a love story, it would still ...

Sugarcane cutter in Brazil

Inequality Is As Brazilian As the Weather and the Beaches

On Sunday, February 5, the Brazilian TV program Fantástico presented three shocking reports. One ...