This article contains a proposal for reform of the Social Security System based on a lower benefit ceiling than the current one and on broader access to interest-bearing funds. The replenishment rate for this option is computed, considering the vested rights accruing prior to the reform, showing...

This paper reviews the main elements of social security reform in Brazil since 1998 and discusses areas where further policy action is yet to be taken to ensure the sustainability of the social-security system over time. Outlays on pensions paid to private-sector workers have risen as a result...