Portuguese 
English 
Spanish 
3 min of reading 
10 comments 
Eletrobras Retirees Face Drastic Pension Cuts to Cover Billion-Dollar Deficit. Over 800 Retirees Have Discounts of Up to 50% on Benefits to Pay for Pension Plan Deficits; Some Receive Less Than R$ 1,000 Per Month
Eletrobras retirees linked to the Defined Benefit (BD) plan of Eletros are facing an unprecedented crisis. According to data released by the column by Elio Gaspari in O Globo, 815 retirees are experiencing discounts of up to 50% of their benefits to cover accumulated deficits from the fund in 2011, 2013, 2015, and 2021. With taxes and mandatory contributions, many have nearly their entire paycheck compromised, resulting in critical financial situations.
The impact is exacerbated by the fund’s history. Privatized in 2022, Eletrobras maintains about 5,500 participants in seven pension plans, but only the BD plan includes retirees who could not migrate to the Defined Contribution regime. The legal dispute over who should bear the losses has been ongoing for years and involves millions of reais.
Cases That Show the Drama of the Retirees
The reality of the cuts translates into stories like that of Ieda Maria Brandão, 81 years old, who saw her retirement from R$ 14,000 drop to just R$ 600 after discounts and taxes. To survive, she sold her car, canceled activities, and went back to work.
-
Oil surged to $115 a barrel due to the war in the Middle East, and diesel in Brazil has already risen to R$ 7.45 per liter, while the United States…
-
Brazilian city bets on the business environment to generate jobs and attract investments in the energy sector — secretary reveals strategy at Macaé Energy 2026.
-
50 viaducts, 4 tunnels, 28 bridges, and 40 kilometers of bike paths: BR-262 in Espírito Santo will receive 8.6 billion reais for the largest engineering project in the state’s history, inspired by the Immigrant Highway in São Paulo.
-
Brazil produces too much clean energy and doesn’t know what to do with it: over 20% of solar and wind capacity was wasted in 2025 while investors flee and 509 renewable generation projects were abandoned in the last year.
Another victim is Jany Mosso, 77 years old, who received R$ 11,000 and now keeps about R$ 1,000. Her INSS pension of R$ 4,000 goes entirely to pay for the R$ 6,000 monthly health plan. The solution she found was to put her apartment in the South Zone of Rio up for sale.
The auditor Luiz Antônio Araújo, 79 years old, went from R$ 17,000 to R$ 4,000. He fears dying and leaving the debt for his wife: “No one wants to leave and leave an unpaid bill for the family.”
Legal Dispute and Claims
The case has already led to two lawsuits. In 2020, the Association of Retired Participants of Eletros (Apel) obtained a court order to suspend the discounts, later overturned by TRF2. Apel argues that Eletrobras should cover 100% of the losses based on an agreement from 2006.
The Association of Beneficiaries of Eletros Pension Plans (AABD) wants the company to assume at least 50% of the deficit, currently estimated at R$ 1 billion. According to the entity, retirees are already paying up to 97% of the deficits.
Origin of the Deficit and Regulatory Changes
The impasse began in 2005 when the CD Plan was created. BD retirees could not migrate, remaining under Eletrobras’s commitment to fully cover any deficits.
However, the 1998 pension reform prohibited state-owned companies from covering more than 50% of the losses starting in 2001. In 2017, deficits previously assumed by Eletrobras were passed on to beneficiaries. A Conduct Adjustment Term with Previc in 2019 consolidated the collection of extraordinary contributions, which have been corrected since 2020 by INPC plus interest.
Eletros’ Position
Eletros claims to regret the situation but maintains that the charge is a legal obligation and was validated by the courts. The entity recalls that in 2021, it offered participants the option to migrate to the CD Plan, but many chose to remain in the BD.
According to the foundation, the goal of the contributions is to ensure the sustainability of the plan. The extraordinary charge, combined with individual discounts such as pensions and loans, has drastically reduced the net amount paid to retirees.
Do you think it’s fair for retirees to bear the deficits of the plan alone? Or should Eletrobras take on a larger part of the bill? Leave your opinion in the comments; we want to hear from those who live or follow this reality.
Se o plano é mutualista, é mais do que justo a Eletrobras arcar com a sua parte, Durante todos os anos que trabalhamos pagamos parcelas mensais caras para ter uma velhice digna. Com menos de 12 anos de aposentado minha renda tem mais de 55% de desconto. Para piorar as parcelas extras dos déficits são computadas como renda para a receita federal . É outra pancada. Onde já se viu pagar imposto de renda sobre um valor que não recebemos. Nesse sentido, o STJ ao invés de julgar logo esse tema, pois o projeto está lá, fica postergando para não prejudicar a receita de impostos do governo. É JUSTO PAGAR IMPOSTO DE ALGO QUE NÃO RECEBEMOS? TENHAM VERGONHA. A ELTROBRAS POR SUA VEZ NÃO ESTÁ NEM AÍ PARA OS IDOSOS. FIZERAM UM EDITAL PARA PRIVATIZAÇÃO E OS PARLAMENTARES APROVARAM. SEQUER TRATARAM DE ASSEGURAR NO EDITAL UMA PROTEÇÃO PARA OS ASSISITIDOS (APOSENTADOS).. COMO NÓS VAMOS VOLTAR AO MECADO DE TRABALHO COM A SAÚDE COMPROMETIDA E IDADE AVANÇADA. TENHAM DÓ DE NÓS. HAJAM COMO HUMANOS DO BEM.
É um absurdo o contribuinte arcar com o pagamento desses déficits. Ainda mais considerando o Art. 61 do Regulamento do Plano BD que determina o pagamento de quaisquer déficits existente por parte da Patrocinadora -ELETROBRÁS!
BD é pirâmide. Deveriam ter migrado para o CD em qq uma das oportunidades que tiveram e receberem o valor que contribuíram ao longo da carreira.
Vários fóruns de discussões mostrando que plano era problemático, mas infelizmente seres humanos brigam com matemática e se pautam na crença de “ganhar bem”, sem ter tempo e reserva suficiente.
INSS é a mesma coisa, mas ainda tem iludido com a crença que um dia vai funcionar e receber algo do governo.