BRASILIA, Feb. 20 (Xinhua) -- Brazilian President Jair Bolsonaro on Wednesday personally submitted a proposed pension reform plan to the lower house, underscoring the bill's importance to his budget.

Overhauling Brazil's current pension scheme is expected to save the government at least 270 billion U.S. dollars over 10 years, reported Agencia Brasil, the national public news agency.

The proposal raises the minimum retirement age to 65 for men and 62 for women, and places more of the financial burden on workers, who would essentially contribute a portion of their wages to their own individual retirement fund.

The changes would apply to federal, state and city employees, as well as members of the military.

Bolsonaro's predecessor Michel Temer tried but failed to pass a similar bill during his term in office, and Temer had allowed for a 20-year transition period between the current and proposed regulations. Bolsonaro wants the changes implemented in 12 years.

Since the bill represents a constitutional amendment, it has to be approved by at least three-fifths of both chambers of congress, or 308 votes, the agency said.

That won't be easy, with seats in both the lower and upper houses of congress divided among numerous parties.