Created by Bolsonaro, “Future FGTS” will be regulated by Lula

The Lula government is preparing to regulate a new method of using the Service Time Guarantee Fund (FGTS) that was created under the Bolsonaro government. Called “future FGTS”, the benefit aims to allow workers with a formal contract to commit to the contribution that the employer will still deposit to supplement their income when proving their ability to pay on a housing loan.

Proposed by the Ministry of Regional Development of the Bolsonaro government, the modality was approved by the FGTS Board of Trustees in October 2022. The idea was maintained by the Lula government and the new modality is expected to be regulated in March 2024.

The measure will be aimed at beneficiaries of Minha Casa, Minha Vida, focusing on families with a monthly income of up to R$2,640. After a testing period, the idea of ​​the Ministry of Cities is to expand the measure to all beneficiaries of Minha Casa, Minha Vida. The income limit for program participants is R$8,000 per month.

Currently, it is allowed to commit up to 25% of your monthly income to a housing payment. With the new measure, workers who want to use the “future FGTS” will have an impact on their purchasing power, which means the possibility of purchasing a more expensive property.

As an example, a worker who earns R$2,000 a month currently has the possibility of committing up to R$500 of his salary to a housing payment. If you opt for the “future FGTS”, the same worker will have an 8% increase in purchasing capacity, as this would be the percentage collected by the employer. With the implementation, the worker will continue to pay the same R$500 and Caixa Econômica will add the R$160 corresponding to the FGTS. Thus, the installment will have a final value of R$660.

If the worker is fired, he will have to pay the full amount of the payment and if he defaults, the property may be repossessed by Caixa Econômica.