Brazil Signs Landmark Agreement to Secure Port Workers’ Pensions

At a ceremony marking the long-awaited release of the bidding notice for the submerged tunnel connecting Santos and Guarujá, President Luiz Inácio Lula da Silva and several high-ranking officials signed a historic agreement with port workers’ representatives to resolve financial liabilities linked to Portus Social Security Institute.

The R$ 2.149 billion agreement, comprised of a Debt Adjustment and Settlement Term (TCD) and a Financial Commitment Term (TCF), aims to protect workers’ rights, secure pensions, and reduce the financial burdens of port authorities.

During the signing, President Lula assured port workers and retirees that their acquired rights would remain intact.

“We can now be certain that port workers’ retirement, pension, and disability benefits are secure. Unlike in the past, they will no longer be altered,” he stated.

The agreement was spearheaded by Minister of Ports and Airports Silvio Costa Filho, who engaged in extensive negotiations with labor unions and industry stakeholders to reach a resolution.

“The port sector and its workers have faced a long-standing debt. Thanks to President Lula’s leadership, we have resolved an issue that lingered under previous administrations. We are committed to addressing the needs of Brazilian workers,” the minister emphasized.

The signing of this agreement marks a new phase for Portus, the port workers’ pension fund, which has been under the supervision of Brazil’s National Superintendence for Complementary Pensions (PREVIC). The deal enables the reinstatement of previously suspended benefits, improves pension values, and reduces workers’ extraordinary contribution rates.

“The state’s greatest achievement is the well-being of its people. President Lula has resolved an issue that had been pending for over a decade, securing pensions and financial stability for more than 8,000 port families nationwide,” noted Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin.

Attorney General Jorge Messias linked the Portus resolution with the Santos-Guarujá Tunnel project, underscoring the administration’s broader commitment to revitalizing Brazil’s port sector.

“This government stands for unity and reconstruction. The tunnel represents the future, but to move forward, we must first settle our past debts. This agreement—signed under President Lula’s directive—is a historic correction, ensuring justice for port workers,” he stressed.

Pension Reform and Legal Settlements

The agreement represents a major breakthrough for retirees and port workers, with a significant reduction in outstanding liabilities for Brazil’s port authorities. It also includes provisions to cut up to 80% of court-ordered debts, allowing for payment installments and the resolution of ongoing lawsuits.

Portus, originally established to guarantee port workers’ retirement, came under federal intervention in 2011, leading to frozen adjustments, payroll deductions, and severe financial hardship for thousands of retirees. The newly signed agreement aims to reverse these setbacks, ensuring a financially stable future for the sector’s workforce.

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