Workers celebrate: New model of payroll-deducted loan with FGTS could move R$ 300 billion

The federal government is planning to launch a new type of payroll-deducted loan, now based on the FGTS (Fundo de Garantia do Tempo de Serviço). The expectation is that up to R$ 300 billion will be moved through this new credit system, a value that exceeds the amount recorded by the anniversary withdrawal.

Replacement of the anniversary withdrawal

Currently, the anniversary withdrawal allows workers to withdraw up to 50% of their FGTS balance once a year. However, this option requires the worker to give up the resignation withdrawal, meaning the right to access the FGTS in case of dismissal without just cause.

With the new proposal, the government intends to replace the anniversary withdrawal with a payroll-deducted loan, where the FGTS will be used differently, offering an alternative to the current model.

How will the new payroll-deducted loan work?

In the current model, Caixa Econômica Federal allows a portion of the anniversary withdrawal to be released annually. Additionally, it is possible to advance the amount of the withdrawal through a loan, which results in the FGTS balance being blocked until the debt is paid off.

With the new proposal, the government seeks to create a system that allows the use of the FGTS in a different way, without the worker having to give up the resignation withdrawal.

Projections and Criticisms

The Brazilian Federation of Banks (Febraban) has expressed concern about the end of the anniversary withdrawal, arguing that this model offers lower interest rates compared to other credit options available on the market.

If the projections are confirmed, the new model could generate up to R$ 300 billion in payroll-deducted loans, significantly surpassing the current value moved by the anniversary withdrawal, which is around R$ 140 billion annually.

Although the details of the new payroll-deducted loan have not been fully defined, some ideas have already been raised in the press. One suggestion is to use part of the employer's monthly deposit into the FGTS account as a form of loan repayment. Another proposal is to use a portion of the resignation withdrawal to pay off the loan.

Reasons for the change

The Ministry of Labor justifies the proposal to eliminate the anniversary withdrawal with a series of arguments, including the negative impact on the public fund, which has seen a reduction of approximately R$ 100 billion per year due to the increasing use of the FGTS for annual withdrawals.

In addition, the government points out that many workers are losing access to the resignation withdrawal due to opting for the anniversary withdrawal, as those who choose this option cannot access the FGTS balance in case of dismissal without just cause. The loss of funds is significant, with R$ 5 billion left unclaimed by more than 9 million people over the past four years.

Other points justifying the change include the two-year waiting period required for those who wish to withdraw the resignation balance after being fired, and the reduction in the value of the FGTS available for public investments in areas such as housing and infrastructure.

The Future of the FGTS

With this proposal, the government aims not only to improve access to credit for workers but also to optimize the management of the FGTS, transforming the fund into a more sustainable mechanism with less impact on reserves for public financing.