The new lending method, which will be proposed by the government to Congress, will have a technological structure to encourage competition among financial institutions
BRASÍLIA – The government makes the latest adjustments to a platform that aims to unite, on the one hand, private sector workers interested in hiring credit and, on the other, financial institutions capable of offering these values. This will be the technological basis of the new private payroll loan, which the Ministries of Finance and Labor will have to propose to the National Congress in 2024.
“With Serpro and Dataprev we were developing the entire IT framework. It is now ready and should be released early this year,” he said Estadao the Secretary for Economic Reform of the Treasury, Marco Pinto.
The system will follow the Unrollthe debt renegotiation program that lasted until May. The idea is that banks compete for credit, in a sort of “auction” for the lowest interest rates and best terms and conditions.
“The worker will raise his hand on this platform and say: ‘I want a loan’. With this he gives authorization to the banks to view the data within the INSS, and then chooses the institution that offers the best offer” , explains Chick.
Today, the private paycheck lags far behind the paycheck meant for the public sector and INSS pensioners. The economic team’s diagnosis is that two factors hinder these types of concessions.
«The first problem is that an agreement is needed between the bank and the employer, which practically excludes all small and medium-sized businesses. And the second is that, when the worker leaves or loses his job, he loses the bond (which makes credit possible)“, explains Pinto.
With the new platform, which will be connected to e-Social and FGTS Digital, the loan will be contracted directly with the bank, without the need for an agreement with the company. “When the employer pays the labor costs, he will already have to withhold the share of the loan, and this will go directly to the bank,” says the secretary.
If the employee changes jobs, the debt will remain active and can be redirected to the new relationship. Furthermore, in the event of dismissal, part of the severance pay can be given as a guarantee. Currently the limit is 10% of the balance of the Service Time Guarantee Fund (FGTS) and 100% of the fine, but there is discussion within the government to increase this amount.
In addition to small businesses, the aim is to bring payroll loans to a public that currently has a limited or non-existent offer of this modality, such as domestic workers. (domestic worker) it’s an important audience. People who finance themselves with super-expensive loans or revolving credit cards and who will be able to take out this new type of financing”, he specifies.
The idea is that workers can commit up to 35% of their gross monthly wages to this credit, but the percentage can still be adjusted, Pinto says. When asked about the interest rate, the secretary states that the average will inevitably be higher than that observed on the INSS and on the pay slips of public employees, since the risk will be greater.
Regarding the possibility of defining a ceiling for this tariff, Pinto explains that the decision whether or not to establish a limit and what it will be will be the responsibility of the FGTS Board of Directors, as already provided for by current legislation.
As shown by Estadão/Broadcastalthough the banks have already expressed themselves differently, the possibility of there being a maximum limit commissions in the new design of delivered for private sector workers.
The ministry also claims that the new supply is linked to the end of the so-called FGTS anniversary withdrawal, a way in which workers withdraw part of the fund annually. Banks created credit based on this withdrawal, which today generates billions of reais – and, therefore, they oppose the extinction of this product. However, the Ministry of Labor claims that the annual withdrawals put the sustainability of the FGTS at risk.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
