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The Federal Government's new credit line allows CLT, domestic, rural and MEI workers to use up to 10% of their FGTS as collateral, reducing interest rates by up to 40% and expanding access to loans. See how to apply and the deadlines for joining!
The Federal Government has just announced a new measure to facilitate access to credit for workers with formal employment contracts in the private sector. Called “Worker’s Credit”, the program allows the use of FGTS as collateral, reducing interest rates and expanding financing options. But how does this new line of credit work? What are the risks and benefits? Let’s take a closer look.
What is “Worker’s Credit” and who can join?
The new line of payroll credit was created through a provisional measure signed by President Lula (PT). With this initiative, formal workers will be able to take out loans with reduced interest, using part of the FGTS balance as collateral.
Among the beneficiaries are:
- Bridge costing almost R$400 million in Brazil will connect cities, generate jobs, has a completion date and a new video shows progress in the works
- Milei's Argentina seeks US$20 billion from the IMF to stabilize the economy — a measure that divides opinions in the country about the real destination of the amount
- Security risk and fraud: Flamengo's sponsor tire brand has product suspended in the country
- UN approves expansion of Brazil's maritime area, which gains territory the size of Germany
- Workers with a signed employment contract (CLT);
- Rural employees;
- Domestic workers;
- Individual microentrepreneurs (MEIs).
The main idea is to expand access to credit and stimulate the economy, allowing these workers to have more advantageous conditions to obtain loans.
How does the Federal Government's new payroll loan work?
According to NSC total, the big difference in this new modality is the use of FGTS as collateral, which can reduce interest rates by around 40%. Currently, the average interest rate on private loans is 2,89% per month, while public servants pay 1,8% and INSS retirees, 1,66%.
With the FGTS guarantee, banks will have more security to offer credit at lower rates, increasing formal workers' access to the loan market.
What are the loan limits and guarantees?
- Workers will be able to use up to 10% of their FGTS balance to take out a payroll loan;
- If they are dismissed without just cause, they can also use 100% of the termination fine (40% of the FGTS balance) to guarantee payment of the loan;
- The installments will be discounted directly from the worker's payroll, facilitating payment and avoiding default.
The impact of the measure could be significant: the volume of credit available to the private sector should jump from R$40 billion to R$120 billion.
When will the credit be available and how can I apply?
The Provisional Measure takes immediate effect as soon as it is published in the Federal Government's “Official Gazette of the Union” (DOU), but must be approved by the National Congress within 120 days to remain in force.
Hiring will be done through the Digital Work Card, an online platform where workers can compare the interest rates offered by different banks before choosing the best option.
- March 21: system goes into operation for simulation and contracting;
- April 25: Anyone who already has an active loan will be able to migrate to this new modality, if they wish.
The process will be quick: banks will offer proposals within 24 hours, and the discount will be made directly from the payroll.
Risks and challenges of the new payroll loan
Despite the advantages, experts warn of the risk of excessive debt. Since the discount is made directly from the salary, the worker may end up compromising a significant part of his income without realizing it.
Another point to pay attention to is what happens in the event of a job change. If the employee changes companies, the new employer will need to assume the payroll deduction, which can create difficulties in the transition.
