Workers have BRL 23.5 billion to withdraw from the PIS

Brazilians who worked with a formal contract from 1971 to October 4, 1988 may have PIS shares to withdraw from Caixa. Heirs of workers who were formally employed during this period may also have money to receive.

In the country, 10.6 million of beneficiaries still have PIS/Pasep quotas, which add up to a total of R$ 23.5 billion forgotten, according to November data provided by Caixa, the latest available.

All workers who have forgotten money can withdraw their quota through the FGTS application, regardless of age. The money can be withdrawn by beneficiaries who have not yet withdrawn their Pasep quota at Banco do Brasil (for those who were public servants at the time) or PIS at Caixa Econômica Federal, and who have had the amounts transferred to the FGTS (Time Guarantee Fund of service).

If the beneficiary has died, the balance can be withdrawn by the heirs (see required documents below). According to Caixa, R$ 350.2 million were withdrawn by 244.8 thousand workers or heirs since the migration from PIS/Pasep to FGTS until November 2021.​

The quotas are a benefit of the former PIS/Pasep fund, which was incorporated by the FGTS. The money exists because until 1988 employers made contributions received by the PIS/Pasep Participation Fund, which distributed amounts to employees in the form of quotas proportional to salary and length of service.

where to withdraw the quotas

Through the official FGTS app, available in the main app stores, workers can withdraw their quota and check the exact amount they have to receive. The withdrawal of quotas can be made until June 1, 2025, according to provisional measure 946/2020.

Other channels available for consultation are the FGTS website, Caixa’s internet banking or in person at Caixa branches, with the presentation of an identification document with a photo.

Withdrawal of quotas by heirs

If the holder of the PIS/Pasep shares has died, the balance will be released to the dependents/successors. Cashier has detailed the list of documents that need to be submitted. See below:

▪ Death certificate and certificate or declaration of dependents (beneficiaries) entitled to pension for death issued by the INSS, which includes the dependent’s full name, date of birth and degree of kinship or relationship of dependency with the deceased participant; or

▪ Death certificate and certificate or declaration of dependents (beneficiaries) entitled to pension for death issued by the employer, in the case of public servants, which includes the dependent’s full name, date of birth and degree of kinship or relationship of dependency with the deceased participant; or

▪ Court permit designating the beneficiaries of the withdrawal. If the license does not mention the participant’s death, the death certificate must be presented; or

▪ Public deed of inventory, which may be formally presented for sharing the records of the judicial process of probate/enrollment or public deed for extrajudicial sharing drawn up by the notary of the notary; or

▪ If there are no dependents eligible for pension on death, a withdrawal authorization signed by all successors must be presented, declaring that there are no other dependents or known successors, and death certificate and original and copy of the official identification document of each of the dependents or successors

PIS subscription

An expected benefit for 2022 is the PIS/Pasep salary bonus, of up to one minimum wage for those who worked with a formal contract or as a civil servant in 2020. Previously, PIS was traditionally released following a calendar of deposits from July of one year to June of the following year. In 2022, the allowance will be paid from January to December, based on information provided by employers in the previous year.

However, there is still no date for the release of the first batch and the calendar needs to be approved by Codefat (Deliberative Council of the Worker’s Support Fund).

The change in the payment system is contained in Codefat resolution 896, of March 23, 2021, which establishes that the allowance will be paid according to an annual calendar, to be approved by the council in January 2022.

The employee of a private company registered with the PIS for at least five years and who has worked with a formal contract for at least 30 days in the base year 2020 will be entitled to the salary bonus in 2022. To be eligible, the average monthly remuneration must be up to two minimum wages. The employer must be duly registered with the CNPJ (National Register of Legal Entities) and have correctly informed the employee’s data in the Rais (Annual List of Social Information). The amount of the salary bonus is, at most, one minimum wage in force on the date of payment.