INSS releases larger payroll for retirees and new loan to BPC

The INSS (National Social Security Institute) published this Monday (28) a normative instruction that details the expansion of payroll-deductible credit for retirees and pensioners, and also releases this type of loan for those who receive the BPC (Benefit of Continued Provision) .

Even so, banks and financial institutions are waiting for an update of the systems integrated to the INSS to put the measure into practice.

By law, retirees and pensioners can already commit up to 40% of the benefit with payroll-deductible credit. BPC beneficiaries also have the same right. It is possible to commit up to 35% of the benefit with the payroll loan and 5% with the credit card.

Previously, the rule determined a limit of 35%: 30% for the personal loan and 5% for the payroll credit card. In addition, BPC beneficiaries could not make the contract, due to lack of legal provision, which changed with the publication of provisional measure 1,106.

In practice, however, the novelties have not yet been implemented, for technical reasons. The update of the INSS system must be carried out by Dataprev, a federal public technology company, which should occur until Wednesday (30), according to the company.

“Since last week, Dataprev’s technical teams have been working on updating the systems for the implementation of the new payroll-deductible loan margin for BPC beneficiaries”, says a note from the agency.

“It is noteworthy that Dataprev acts as a technological partner of the federal government. Updates, modernizations, new functionalities of the systems and/or services are defined and authorized with the bodies responsible for each public policy”, the text also states.

In a note, Febraban (Brazilian Federation of Banks) said that banks and INSS will only be able to process payroll-deductible loans with a new margin “after the conclusion of the systemic adjustments”.

Among the five largest institutions, only Banco do Brasil responded, confirming that “it is awaiting authorization from the INSS/Dataprev for the new conditions to be released in its systems”. Bradesco, Caixa, Itaú and Santander did not return until the conclusion of this text.

Payroll credit is a loan whose value of the installments is deducted directly from the payroll or benefit. This guarantee for banks and financial institutions makes the interest rates of the modality the lowest in the market.

HOW IS THE CONSIGNMENT OF RETIREES

With the changes, the retiree will be able to commit up to 40% of the monthly social security income consigned credit, as follows:

• Up to 35% with personal loan
• Up to 5% for operations with credit card or consigned benefit card

​For INSS retirees and pensioners, there is an interest limit set by the government. In December 2021, the maximum rate increased from 1.80% per month to 2.14%. On the payroll credit card, the rate, which was 2.7% per month, went to 3.06%.

The number of installments is also controlled. Today, the INSS payroll can be paid in up to 84 installments (seven years), according to the INSS.

CONSIGNED TO THOSE WHO RECEIVE BPC

The consigned credit for BPC beneficiaries, in theory, is already released. But, for the same reasons, financial institutions will only offer this credit after updating the Dataprev system.

The BPC pays a minimum wage (R$ 1,212) to the elderly over 65 years of age and people with disabilities who live in poverty, with a family income of up to a quarter of the minimum wage per person.

Those who receive the benefit can commit up to BRL 424.20 every month to pay a payroll-deductible personal loan and another BRL 60.50 for withdrawals and purchases on their credit card or to pay off debts on that card.

CONSIGNED TO BRAZIL AID HAS NOT YET BEEN RELEASED

The changes in consigning credit are part of the Income and Opportunity Program, a package of economic measures launched by the federal government for the election year. The program also includes the anticipation of the 13th of the INSS and a new round of withdrawals of up to R$ 1,000 from the FGTS (Fundo de Garantia do Tempo de Serviço).

The government also promised to release payroll-deductible loans to beneficiaries of Auxílio Brasil, a program that replaced Bolsa Família. But that still depends on regulation by the Ministry of Citizenship, said the president of Caixa Econômica Federal, Pedro Guimarães.

“[A regulamentação] It means giving maximum limits on terms, interest rates, the qualification of institutions, that is, which banks will effectively operate”, said the president of Caixa.