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New Federal Government Credit Line Allows CLT, Domestic, Rural Workers, and MEIs to Use Up to 10% of FGTS as Collateral, Reducing Interest Rates by Up to 40% and Expanding Access to Loans. See How to Contract and the Deadlines for Adherence!
The Federal Government has just announced a new measure to facilitate access to credit for workers with a formal contract in the private sector. Named “Worker’s Credit,” the program allows the use of FGTS as collateral, reducing interest rates and expanding financing options. But how does this new credit line work? What are the risks and benefits? Let’s understand better.
What Is the “Worker’s Credit” and Who Can Adhere?
The new payroll credit line was created through an executive order signed by President Lula (PT). With this initiative, formal workers will be able to take out loans with reduced interest rates, using part of the FGTS balance as collateral.
Beneficiaries include:
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- Workers with a formal contract (CLT);
- Rural workers;
- Domestic workers;
- Individual micro-entrepreneurs (MEIs).
The main idea is to expand access to credit and stimulate the economy, allowing these workers to have more favorable conditions to obtain loans.
How Does the New Federal Government Payroll Credit Work?
According to NSC total, the main difference of this new modality is the use of FGTS as collateral, which can reduce interest rates by about 40%. Currently, the average interest rate for private payroll credit is 2.89% per month, while public servants pay 1.8% and INSS retirees, 1.66%.
With FGTS as collateral, banks will have more security to offer loans at lower rates, increasing access for formal workers to the loan market.
What Are the Limits and Collaterals of the Loan?
- Workers will be able to use up to 10% of the FGTS balance to take out payroll credit;
- If they are dismissed without just cause, they can also use 100% of the termination fine (40% on the FGTS balance) to secure the loan payment;
- The deduction of the installments will be made directly from the worker’s salary, facilitating payment and avoiding default.
The impact of the measure can be significant: the amount of credit available for the private sector is expected to jump from R$ 40 billion to R$ 120 billion.
When Will the Credit Be Available and How to Contract?
The Executive Order takes immediate effect as soon as it is published in the “Official Gazette of the Union” (DOU) of the Federal Government, but it must be approved by the National Congress within 120 days to remain valid.
Contracts will be made through the Digital Work Card, an online platform where workers can compare interest rates offered by different banks before choosing the best option.
- March 21: the system goes into operation for simulation and contracting;
- April 25: those who already have an active payroll credit can migrate to this new modality, if they wish.
The process will be quick: banks will offer proposals within 24 hours, and the deduction will be made directly from the salary.
Risks and Challenges of the New Payroll Credit
Despite the advantages, experts warn about the risk of excessive indebtedness. Since the deduction is made directly from the salary, the worker may end up compromising a significant portion of their income without realizing it.
Another point of concern is what happens in case of a job change. If the worker switches jobs, the new employer will need to take over the salary deduction, which can generate difficulties during the transition.
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