Pension reform has become a national priority for Brazil's coup-imposed President Michel Temer, who wants to establish the world's harshest retirement age for worker's irrespective of the level of their contributions to social security.
Although no country in the world has a minimum retirement age above 67, Temer is holding negotiations with a labor commission that has excluded many of the country's main trade unions and involves government representatives.
Speaking to the press Friday, Presidential Chief of Staf Eliseu Padilha said the project has yet to be submitted to Congress, but it will be approved by the end of the year if the impeachment of President Dilma Rousseff is confirmed by the Senate.
Analysts say the move to raise the retirement age to 70 would be unprecedented, impacting future generations in a country where the median age is 29 and life expectancy is 71.6 for men and 78.8 for woman, according to official government statistics.
Another measure announced by Temer's government is the plan to reduce benefits paid by social security. The minimum pension individuals currently receive in Brazil is equivalent to the minimum wage, which accounts for 70 percent of pensioners.
According to the interim government, the primary justification for pension reform is Brazil's aging population as both men and women are expected to live longer than 80 years on average by 2041.