The Brazilian Senate on Wednesday approvedthe final amendments to a sweeping pension reform plan, a day after the main text of the bill was approved.

The bill creates a minimum retirement age of 65 for men and 62 for women. The average retirement ages in Brazil before were 56 and 53, respectively. It also increases workers’ pension contributions and introduces a mechanism for calculating benefits.

Brazil’s existing pension system caused huge increases to the country’s budget deficit, accounting for around 40 percent of all federal spending in the country. It is estimated that the new reforms will result in savings of 800 billion reais (USD $195 billion) over the next decade.

Pension reforms have been a goal of Brazilian presidents for the past 30 years and had not been achieved until now. The bill’s passage represents a major political victory for the country’s current president Jair Bolsonaro, who has campaigned on his ability to pass a reform bill through Congress.

The bill was met with opposition from labor leaders and others, who say that the bill penalizes the poorest citizens by cutting benefits and making access to pensions more difficult. In June, unions organized a general strike of thousands of workers in protest of the proposed reforms.

When the main text of the bill was approved, Bolsonaro tweeted: “Congratulations brazilian people! This victory, which paves the way for our country to take off for good, is yours! Brazil is ours! GREAT DAY!”