Understand how the new margin of the INSS payroll will work

INSS (National Social Security Institute) retirees and pensioners may commit up to 45% of their social security income to pay payroll loans. The sanction by President Jair Bolsonaro (PL) of the law that authorizes the expansion of the margin was published in the Official Gazette on Thursday (4).

The increase in the margin percentage refers exclusively to the use of the payroll-deductible credit card (5%) and the payroll-deductible benefit credit card (5%). Banks that offer these products will have to adapt to the new parameters.

For loans, financing and leasing, the use of 35% of the social security benefit is still authorized.

Idec sees this approval as a setback in the fight against over-indebtedness of the population, especially among the poorest.

According to the consumer protection institute, the indebted population in Brazil reaches 77% of families and a significant part of them is in debt because they resorted to credit to pay basic expenses and guarantee their survival.

In these cases, the payment of future installments plus interest compromises the income even more and feeds a continuous cycle of credit use, according to the coordinator of Idec’s Financial Services Program, Ione Amorim.

Financial education specialist Otavio Machado says that it is necessary to define a specific objective for taking out credit and confirm that the loan installments will fit into the monthly family budget.

“It is necessary to be aware that the cost of living should be reduced by up to 45% of the monthly income for those who commit the entire loan margin”, says Reinaldo Domingos, president of Abefin ​​(Brazilian Association of Financial Educators).

To check how much you can compromise the benefit with loans, the insured can access the My INSS, website or application, go to the option “Services in Highlight”, and click on “Loan Statement”.

Experts also recommend paying attention to the benefit extract. In addition to retirees and pensioners, gangs also celebrate when the consignable margin is expanded and renew their coups. Part of them because of data leakage, publicly recognized by the INSS.

If you are not interested in acquiring a payroll loan, the recommendation of lawyer Adriane Bramante, president of the IBDP (Brazilian Institute of Social Security Law) is to block the offer through Meu INSS, in the “Loan (lock/unlock)” option.

In all cases, it is necessary to pay attention to the extract of the benefit by Meu INSS to check if any loan was made without authorization. If you are a victim of fraud, contact the police and the bank where you receive the benefit.

When will the new margin be released

Banco do Brasil states that it continues to operate with an increased margin of 35% for payroll-deductible loans to INSS beneficiaries.

Regarding the increase in the percentage of margin per payroll-deductible credit card and payroll-deductible credit card benefit, BB says that it is analyzing the possibility of operating with these products.

Caixa affirms that the financial and operational feasibility for the 5% increase in the Benefit Card is being evaluated.

“Customers with 35% of the consignable margin committed in previous release periods can renew their contracts with an extension of the term, and the margin limitation applies to the sum of all monthly installments of consigned credit already agreed and that may be hired in the future”, says the bank, in a note.

Caixa says that it guides its customers on the importance of using credit consciously, adapting the amount of installments to their budget and family financial planning.

The other banks did not respond.

How the new payroll loan margin will be applied​

35% of the benefit amount for the payment of personal loans
+ 5% for debits related to expenses or withdrawals with a payroll-deductible credit card
+ 5% for debits related to expenses or withdrawals with a consigned benefit card

To find out how much you can borrow​

1. Access My INSS
2. Enter CPF and password; if necessary, inform email to receive a validation code
3. Under “Featured Services”, click “Loan Statement”
4. If you receive more than one social security benefit, consult one at a time
5. The screen will show the benefit information and the assignable margin
6. If you prefer to print, click “Download PDF”

How many loans can you take out?

• According to the INSS, the insured can make up to nine personal loan contracts
• In the case of a credit card, only one contract is allowed.
• Interest rates are the lowest on the market, with an average of 2% per month, and the repayment period can reach 84 months.

Heads up!

Interest rates offered by banks vary according to customer profile
The ideal is to research to get the best deal.

protect your benefit

• Do not provide personal data over the phone. The INSS does not ask for any personal data or the benefit number
• If you choose to hire a payroll loan, look for the financial institution through its official service channels or go to a branch
• Avoid borrowing your name. If the person cannot pay, it is the retiree who will have to pay the debt and get his name dirty.
• Follow the benefit statement monthly to verify that no contract was made irregularly

• Do not click on any links you receive by email

• If you are in doubt about the veracity of the message, call the INSS telephone number 135, or enter My INSS

Main gang attacks

• Criminal obtains personal data and makes payroll in the name of the retiree, who keeps the monthly installments to pay
• Deposit of unsolicited money in the “account” with a request to return the amounts for repayment of old loans or loan refinancing
• Consignment offer with release upon deposit
• Scam by the “guarantor” or “guarantor”. The scammer who offers the consignment and the “hiring” of a guarantor of the “company” for an average amount of R$ 400