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Sectors That Employ the Most Alert the Government About High Interest Rates on FGTS-Backed Payroll Loans and Fear Increased Layoffs and Informality
Business owners in labor-intensive sectors, especially supermarket owners, are concerned about the direction of payroll credit backed by the FGTS.
According to information from Lauro Jardim of O Globo, the alert was brought directly to government ministers.
They classify the situation as a “time bomb” that could explode at any moment in the formal labor market.
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The program, created with the aim of providing cheaper credit to workers, has become deregulated in several regions of the country.
In some cases, interest rates reach 15% per month, which is far from what was expected from a financing line with payroll deductions and guaranteed by the Employee Severance Fund.
This escalation in rates and the increased debt-to-income ratio of workers are seen by business owners as a real risk of collapse.
They fear that many formal employees will choose to resign and migrate to informality in search of immediate income without automatic deductions.
Payroll Loans Lose Control
The proposal for payroll credit backed by the FGTS was to facilitate access to loans with lower interest rates.
Since payment is made directly from payroll, the risk for banks decreases, which theoretically would allow for a reduction in rates.
However, the reality reported by business owners shows the opposite.
In some locations, interest rates exceed 15% per month.
This increase makes it unfeasible for workers to maintain financial balance, as after payroll deductions, they receive a reduced amount, compromising family sustenance and interest in staying in formal employment.
The direct consequence is an increase in resignation requests. Many workers, seeing that their salary practically disappears after payroll deductions, may prefer to leave their jobs and seek alternatives in informality.
Supermarkets and Labor-Intensive Sectors Feel the Effects
The alert primarily comes from business owners in labor-intensive sectors, such as supermarkets.
These employers are closely monitoring employee behavior and report that debt commitments from payroll loans are becoming one of the main causes of voluntary resignation.
Informality, which is already a chronic challenge in Brazil, could worsen even further.
Business owners fear that, without a review of this model, there will be a mass exodus of workers from formal employment to informal work arrangements.
This movement tends to directly affect sectors that need a large number of employees for daily operations, such as supermarket chains, cleaning services, security, and logistics. Without control, the situation could create instability in the functioning of these activities.
Model Created to Help Creates Opposite Effect
The criticism from business owners focuses on the lack of effective regulation and the way in which the initial proposal for payroll credit with FGTS was executed.
The model, which was supposed to provide a more accessible credit solution, is creating a cycle of indebtedness that is difficult to sustain.
The problem begins with easy access to credit. Since payment is guaranteed by automatic deductions, workers can obtain approval more quickly, even without proper financial planning.
This has led many to commit to the maximum limit of their payroll margin, leaving little room for unexpected events or basic needs.
Moreover, the loan contract with FGTS guarantees that in the event of dismissal, the 40% severance penalty can be fully used to pay off the debt balance.
This measure, intended as protection for the system, ultimately leaves workers even more vulnerable when they lose their jobs.
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