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Government Will Migrate 4 Million Contracts to the CLT Payroll Loan App. Workers Will Be Able to Portability via Cell Phone; Measure Extinguishes Old Model of Agreements Between Companies and Banks.
The Ministry of Labor and Employment announced the migration of about 4 million payroll loan contracts to the digital platform Worker’s Credit, accessed through the Digital Work Card app. The change starts on August 21 and will be completed by November, according to information from Agência Brasil.
With the change, employees with signed contracts will be able to make the portability without leaving home, choosing the financial institution that offers the best conditions for interest rates and terms. The goal is to increase competition among the more than 70 participating banks and reduce costs for consumers.
How It Was and How Payroll Loan Will Look
In the old model, only banks affiliated with companies had access to payroll deductions. This restricted the worker’s choice, who was tied to the agreement signed by the employer. This system will be extinguished in November.
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From the migration, data of CLT workers will be available on eSocial, allowing any institution participating in the program to present proposals directly through the official app. According to Febraban, the expectation is that the volume of private operations will exceed R$ 120 billion by 2025.
How Portability Will Work
The process will be conducted by Dataprev, the state-owned company responsible for managing the platform. The worker will be able to:
- Authorize the sharing of employment data in the app;
- Receive credit proposals within 24 hours;
- Choose the option with lower interest rates and more advantageous terms;
- Have the installments deducted directly from payroll, respecting the limit of up to 35% of monthly income.
In practice, portability means that the new bank pays off the old debt and takes over the contract with updated conditions.
Who Will Benefit
According to government data, more than 3.9 million workers have already contracted this modality since March, with R$ 27.8 billion loaned until last week. The average interest rate is at 3.58% per month, and about 60% of contracts serve workers earning up to four minimum wages.
This group is expected to be the main beneficiary of the migration, as they will be able to compare proposals and reduce installments. Additionally, the measure brings more transparency and competitiveness to the credit market.
Is It Worth Joining the New System?
Personal finance specialists highlight that payroll loans are one of the cheapest loan options on the market, as they have the guarantee of direct payroll deduction. However, they warn that workers should carefully assess the need for a loan, avoiding compromising a large portion of their income with long-term debts.
For those who already have old contracts, portability can be a good opportunity to reduce interest and extend terms. The recommendation is to simulate proposals at different banks before authorizing the migration.
The migration of 4 million payroll loan contracts to the Digital Work Card app represents an important step in the digitization of access to credit in Brazil. The change promises more freedom of choice and cost reduction for CLT workers, especially those with low income.
And you, do you believe that this migration will really reduce interest rates and make life easier for workers? Or do you fear that easy access to credit may increase indebtedness? Leave your opinion in the comments — your perspective can enrich the debate.
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