FGTS corrected by savings yields almost 10% more – 04/21/2023 – Market
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If it were corrected by the new savings rules instead of the current rules, a worker’s balance in the FGTS (Fundo de Garantia do Tempo de Serviço) would be almost 10% higher after ten years of monthly payments, show calculations made by the investment advisor Michael Viriato, author of the blog From grain to grain, from Sheet.
In an example with a monthly payment of BRL 500 over 120 months, the worker had his fund accumulated at BRL 72,157.70 under current rules, corrected by TR + 3%.
If the same correction index were adopted as the new savings account, as defended by Minister Luís Roberto Barroso, rapporteur of the action that discusses the revision of the fund at the STF (Federal Supreme Court), the accumulated balance would reach R$ 78,787.78, or 9.18% above that obtained with the current rules.
In both cases, however, the value would lose to the inflation measured by the IPCA over the last 120 months. If the fund’s money had been corrected by this index, its accumulated value would be R$ 81,261.66, or 12% above the total obtained with the current rules.
The trial was suspended by Minister Rosa Weber after the presentation of votes by Barroso and Minister André Mendonça, who reinforced Barroso’s thesis and stated that the TR is unconstitutional. The analysis of the theme should be resumed by the ministers on Thursday (27).
For Barroso, there is no constitutional right to monetary correction to restore inflation, but the current FGTS remuneration model “is not reasonable”. “The FGTS remuneration cannot be lower than the booklet”, he said.
Under the current rule, the balance yields close to zero and loses to inflation
The balance of FGTS accounts is currently adjusted by interest of 3% per year plus TR (Referential Rate), which yields close to zero and impairs the replacement of the worker’s purchasing power. The request in the Supreme Court is for the unconstitutionality of the rate and that it be replaced by an inflation index, which can be the IPCA-E (National Consumer Price Index – Special) or the INPC (National Consumer Price Index).
Savings currently have two forms of remuneration. For deposits made up to May 3, 2012, the update is fixed, 0.5% per month plus TR, which equals 6.17% per year plus TR. For deposits made after that date, the remuneration is linked to the basic interest rate of the economy, the Selic.
If the Selic rate is above 8.5% per year, the yield is 0.5% per month plus TR. If the basic rate is equal to or below 8.5% per annum, the savings yield will be equivalent to 70% of the Selic plus the TR.
In the simulation made on his blog, Viriato used the case of a worker who earns around R$6,000 per month (since the contribution to the FGTS is equivalent to 8% of salary, R$500 would be collected every month).
After ten years, or 120 months, the accumulated value corrected by the fund’s current rules is insufficient to restore purchasing power. The return of TR+3% over the past decade has been lower than the main inflation indices available.
What is the FGTS review?
It is a lawsuit in which the constitutionality of the correction of the money deposited in the Guarantee Fund is questioned. Today, the FGTS return is 3% per year plus the TR, which yields close to zero. With this, the update of the money is below inflation, failing to replace the worker’s losses.
Since 1999, when there was a change in the calculation of the TR, workers accumulate losses.
Why is the correctness of money questioned?
The TR, used to correct the fund’s money, has a very low yield, close to zero, meaning that workers are unable to replenish their purchasing power with the FGTS money balance. Several calculations point to losses ranging from 24% in the last ten years to up to 194% for those who have values in the fund since 1999.
In 2014, when the action started, a study by Força Sindical showed that a worker who had R$ 1,000 in 1999 in the Guarantee Fund had, in 2013, R$ 1,340.47. If inflation measured by the INPC, used in wage correction, were considered, the value should be R$ 2,586.44, a difference of R$ 1,245.97.
In defense of the greater correction, experts claim that the FGTS money is income from the salary and cannot bring losses, as it is not an investment.
What are the next steps in the FGTS review?
Now, the workers must wait for new ministerial votes and the end of the trial, which still does not have a date to happen. In addition, after the decision, if the revision is actually approved, there may be a motion for clarification, which is a request to clarify some point of the decision, and also, the so-called modulation of effects, so that the Supreme Court determines who can receive the amounts late. If only those who went to court or everyone who had losses.
Who is entitled to the review?
All workers with money in the fund from 1999 onwards may be entitled to correction. According to Caixa, there are 117 million Guarantee Fund accounts between active and inactive.
Experts estimate that at least 70 million workers could benefit. It is possible for a worker to have more than one account, opened with each new job with a formal contract.
The expectation is that everyone will have new deposits corrected by the new rule from then on. To define issues such as the payment of amounts from previous years, for example, the STF will have to modulate the theme.
In modulation, it can be decided that Caixa should pay only those who filed a lawsuit until 2014 or until the date on which the judgment was scheduled or even only for those who are part of collective actions. It is necessary, however, to wait for what the Supreme Court will decide and how it will modulate the issue.
What is FGTS and how does it work?
The FGTS works as a savings account for the worker. The fund was created in 1966, with the end of job stability, and came into effect in 1967. Every month the employer deposits 8% of the employee’s salary into an account opened for that job.
There is also a fine of 40% on the FGTS if the worker is fired without just cause. Since the 2017 labor reform, there is also the possibility of withdrawing 20% of the fine after agreement with the employer upon dismissal.
Who is entitled to FGTS?
Every worker with a formal contract must have the FGTS deposited, which currently includes maids. Until 2015, domestic workers were not entitled to FGTS. The PEC das Domésticas, however, brought this possibility in 2013, but the law that regulated the measure and made it possible for employers to deposit amounts came into effect only two years later.
How do I know my FGTS balance?
The value can be consulted in the FGTS application, through the fund statement. It is also possible to obtain a copy of the statement at Caixa branches. For each company where the worker was hired, there is an open linked account. You need to observe the value in each account and add up how much you have, in all.
- Open or download the FGTS application (for the first access, you need to create an access password)
- Click “Enter Application”
- The phrase “FGTS would like to use Caixa.gov.br to log in” will appear; go to “Continue”
- Enter your CPF and click “Next”
- Enter your password and go to “Login”; If you don’t remember, click on “Recover password”
- On the home screen, information regarding the companies you have worked for will appear.
- The balance of values for the current company or the last company you worked for appears at the top of the screen; click on it to see the movements
- To save the data, click on “Generate PDF extract” and save it on your cell phone
- To see all the companies you’ve worked for, go to “View all your accounts”
- Click on each of the companies to open the statement; on each screen, the total balance will appear
How to withdraw my FGTS?
The FGTS can only be withdrawn in specific situations, according to the law, such as retirement, home purchase, dismissal without just cause or serious illness. In 2019, one more situation was added, which is the anniversary loot. However, those who opt for this modality cannot make the withdrawal-termination when leaving the job. Here are 16 situations:
- Dismissal without just cause
- End of temporary contract
- Buying or building your own home
- Amortization of home equity
- In the birthday month for those who opted for the birthday withdrawal
- Termination of contract due to bankruptcy or death of individual employer, domestic employer or nullity of contract
- Termination of the contract due to reciprocal fault or force majeure
- Retirement
- Natural disaster, floods and emergencies
- Suspension of part-time work
- worker’s death
- Age equal to or greater than 70 years
- Worker or dependent with HIV
- Worker or dependent with cancer
- Worker or dependent with serious illness or in the terminal stage due to serious illness
- If you stay outside the FGTS regime for three consecutive years
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