FGTS withdrawals will benefit 60.2 million workers
The new withdrawal from the FGTS (Service Time Guarantee Fund) will have a value of up to a minimum wage (R$ 1,045.00) and will benefit around 60.2 million workers, Adolfo Sachsida, Secretary of Economic Policy at the Ministry of Economy, reported yesterday (8).
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According to the departments, workers must withdraw up to R$36.2 billion from their accounts in the coming months, money that will help boost Brazil's economy amid the coronavirus pandemic.
According to Adolfo Sachsida, 30.7 million people will still be able to withdraw the entire balance available in their FGTS accounts.
Therefore, this means that around 66 million workers will have their Severance Indemnity Fund accounts depleted since September of last year, which was when the Federal Government established immediate withdrawal.
So, “We’re giving the worker’s money back to the worker,” Sachsida said.
Who can withdraw from the FGTS?
This new FGTS withdrawal will only be directed to workers considered to have lower incomes.
Thus, according to the Ministry of Economy, R$16 billion will be released to approximately 4.5 million workers who have up to five minimum wages in their FGTS balance.
Regarding withdrawal dates, the money will be available from June 15th to December 31st.
However, if the worker does not use the money by the deadline, the amount will return to the fund account.
What is the withdrawal amount?
Unlike the immediate withdrawal, which provided up to R$ 998.00 per active or inactive account, the new round will be worth one minimum wage (R$ 1,045) per worker, regardless of the number of accounts they have.
In fact, there's no possibility of increasing this amount. When asked about the matter, Gustavo Tillmann, director of the FGTS, stated: "To release the entire balance, we would mobilize R$390 billion and eliminate the fund. There would be no more sanitation and housing policies funded by the FGTS. Most of the money is borrowed for financing operations."
Furthermore, anyone who did not make the immediate withdrawal by March 31st of this year missed the deadline.
Therefore, the money returned to the FGTS account and it will not be possible to accumulate the old money with the amount of the new FTS withdrawal.
PIS/PASEP
For those who have not received deposits since 1988 and still have 21.5 billion, the rights will remain preserved and these shareholders will have 5 years to withdraw their share.
“Withdrawals remain broad and unrestricted, both for holders and their heirs,” said Julio Cesar Costa, president of the FGTS Board of Trustees.
Furthermore, according to him, the money from the PIS/PASEP fund only moved and was directed to the FGTS, where it will receive the same remuneration as the other workers' accounts.
