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To offset the limit of BRL 500 per account on extra FGTS withdrawals this year, the government announced that the fund's profit will be fully divided among workers.
The government announced that it will distribute 100% of the FGTS profit to workers. Previously, by law, only half of the FGTS profit was shared among the shareholders – the amounts are credited proportionally to the balance of each account on December 31 of the previous year. Profitability will remain equivalent to the Referential Rate (TR), plus 3% per annum.
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Caixa suggested a calendar for those who have already had a birthday in which withdrawals begin on August 19th. Branches must open over the weekend to serve quotaholders.
“The past government released only inactive (accounts). We're going to drop active and inactive. They released it once, we will release it forever, every year there will be”, said the Minister of Economy, Paulo Guedes, shortly after participating in a ceremony with President Jair Bolsonaro on the natural gas market.
According to the Ministry of Economy, the measure has the potential to generate, in ten years, 3 million jobs and increase the Gross Domestic Product (GDP) per capita by 2,5 percentage points.
According to data from the Credit Protection Service (SPC Brasil), withdrawing up to R$500 from FGTS accounts would pay the debts of almost 40% of Brazilian defaulters. The average amount of default debt in the country is R$ 3.252,70, but a relevant percentage of 37,4% owes up to R$ 500.
At the ceremony, the government also reported that:
- Whoever has an account at Caixa, the bank will automatically deposit the amount;
- Those who do not have a Caixa account must follow the schedule to be released by the bank;
- Whoever has the Citizen Card will be able to withdraw at an automatic teller machine;
- Withdrawals of less than R$100 may be made at lottery outlets, upon presentation of an identity card and CPF;
- The birthday withdrawal modality will be created (more information below)
- Those who opt for the birthday withdrawal will be able to use the funds as collateral for a personal loan;
- There will be no change in the 40% fine in case of unfair dismissal if the worker migrates to the birthday withdrawal;
- There will be no deadline for PIS-Pasep withdrawals;
From 2020, the worker will be able to choose a new modality
As of 2020, a new FGTS withdrawal modality will be put into practice, the birthday withdrawal. In this case, the higher the balance, the lower the percentage that can be withdrawn. The percentages will vary from 50% to 5%, according to seven balance ranges, from R$500 to over R$20.
Anyone with up to R$500 can withdraw 50% of the amount. Those with more than R$20 will be able to withdraw 5%. The withdrawal date will vary according to the shareholder's birthday.
This modality also provides for an additional fixed amount in addition to the established percentages. This extra installment starts to be paid in the range of R$ 500,01 to R$ 1.000. For example, in this range, the authorized percentage is 40% of the balance, but there is an additional installment to be paid of R$ 50.
Thus, those who have BRL 750 in their account will be able to withdraw 40% of that amount (BRL 300), plus the fixed BRL 50. That is, R$ 350 in total. In practice, it will be able to move 46,6% of the balance.
The same occurs at the other end, for those who win have BRL 25 in their account, and are subject to the bracket that is authorized to withdraw 5% of their balance, may withdraw the 5% (BRL 1.250) plus an additional portion of BRL 2.900. Thus, the total amount would be R$ 4.150, which is, after all, 16,6% of the total balance.
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