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:

You May Also Like

Brazil Still Not Positive about Size of New Found Oilfield

Brazil's government controlled oil multinational Petrobras said late Monday, April 14, that more conclusive ...

20/20: 20% of Brazilians Have Diabetes and 20% Have High Cholesterol

According to the Brazilian Society of Cardiology (SBC), diabetes is one of the most ...

The Art of Money

The next act is the presentation of the new, amended bill. It is still ...

Bamboo Underwear, Another Ecologically Friendly Brazilian Product

Janimar, a garment manufacturer from the city of Caxias do Sul, in the southernmost ...

Lula Wants Brazilians and Chinese to Eliminate Dollar for Trade Between Them

Brazil and China will start conducting business with each other in their own currencies ...

Brazil Leaves Key Interest Rate Alone at a Steep 13.75%

Brazil's Monetary Policy Committee (Copom) decided to keep, this Wednesday, October 29, the Selic, ...

Subsidies Are Bound to Hurt US and EU, Says Brazil’s Diplomat

According to Brazilian retired diplomat Rubens Ricúpero, the former secretary general of the UN ...

Brazilian Congress Ponders About Abolishing Secret Vote

The president of Brazil’s Chamber of Deputies, Aldo Rebelo (Partido Comunista do Brasil, São ...

Brazil’s Varig Fired Workers Vow to Fight in Court “Plunder” by New Owners

Brazilian flag carrier Varig, which was recently sold to VarigLog, a former subsidiary, announced ...

Brazilian Bishop’s Hunger Strike in Defense of River Moves World to Action

After two years of frustrated attempts to establish a dialogue between social movements and ...