Sins of Past to Haunt Petrobras Worker Paychecks 18 Years Into Future

The sins of the past are about to follow 80,000 active and retired Petrobras workers 18 years into the future.

 That’s the time frame for a plan, nearing approval, that will trim their monthly paychecks by as much as 40 percent to keep their private pension fund solvent. The cutbacks proposed by Petroleo Brasileiro SA target a 27.7-billion-real ($8.7 billion) deficit run up by the fund since 2013, when many of its investments soured in the wake of a massive graft scandal affecting the company and a rout in global oil prices.

Categories: Financial, Petrobras

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