FGTS: understand whether it is worth using the fund to pay off debts, and find out about risks and precautions for workers

According to experts, caution is needed when using resources, as this can reduce the balance in the account and leave the worker unprotected for possible emergencies in the future. Understand what the FGTS income looks like with the new correction formula, stipulated by the STF Jornal Nacional/ Reproduction Workers who have outstanding debts can use part of the resources in their account in the Service Time Guarantee Fund (FGTS) to honor their commitments. According to experts, however, caution and financial planning are necessary to avoid new debts. In addition to the possibility of using resources from the fund to amortize or settle payment of installments (understand below), the worker can also choose to withdraw part of the balance available in their FGTS account through a birthday withdrawal. Understand in this report: In which cases can a worker withdraw resources from the FGTS? Is it worth using FGTS resources to pay off debts? How do you know if withdrawing funds to pay off debts is the best option? Are there any risks for the worker? What precautions are needed before choosing to use FGTS to pay off debts? In which cases can a worker withdraw FGTS resources? According to Caixa Econômica Federal, FGTS can only be withdrawn in the following cases: upon dismissal by the employer without just cause; upon termination by agreement, stipulated by law no. 13,467, introduced by the labor reform in 2017; at the end of the fixed-term contract; in the total or partial extinction of the company, or suppression of part of its activities; in cases of death of the employer (individual or domestic) or in the case of bankruptcy of the company, which must have a causal link, that is, a correlation between the date of removal and the date of its decree by the competent court; in the case of annulment of the employment contract due to infringement of the constitutional provision, when the worker’s right to salary is maintained; upon termination of the contract due to mutual fault or force majeure; in retirement; in the case of personal, urgent and serious need, resulting from a natural disaster that has reached the worker’s area of ​​residence and when the emergency situation or state of public calamity is recognized by the Federal Government; in the suspension of casual work; upon the death of the worker; when the account holder is 70 years of age or older; when the worker or his dependent is a carrier of the HIV virus; when the worker or his dependent is affected by malignant neoplasia — cancer; when the worker or his dependent is in a terminal stage, due to a serious illness; when the account remains without deposit for three uninterrupted years; in amortization, settlement of outstanding balance and payment of part of the installments acquired in consortium real estate systems; and in the acquisition of orthoses and/or prostheses not related to the surgical procedure and included in the Table of Orthoses, Prostheses and Auxiliary Means of Locomotion – OPM, of the Unified Health System – SUS, to promote accessibility and social inclusion. In addition, the worker can also withdraw part of the balance from their FGTS account annually, in the month of their birthday. To do this, they will need to access the fund through the application or internet banking, log in and select the “Birthday Withdrawal” option. In this modality, the value of the withdrawal is determined by applying a rate, which varies from 5% to 50% on the sum of all balances in the worker’s FGTS accounts, plus an additional installment. So, if the worker has R$1,000 in the FGTS account, he can receive R$400 in the birthday withdrawal (rate of 40%), plus an additional installment of R$50. In this case, the total that can be withdrawn annually is R$450. The rates and additional installment vary depending on the balance. See the table below: How much can I receive annually in the FGTS Birthday Withdrawal? Another option is “Withdrawal-Termination”, which is a system in which the worker, when fired without just cause, is able to withdraw the balance in his FGTS account in full, including the termination fine, when due. This is the standard modality in which the worker enters the FGTS. 🚨ATTENTION: The worker can only choose one of these two modalities. In other words, if you have opted for the birthday withdrawal, you will not be able to withdraw the entire balance in your account if you are fired — and you will only be able to withdraw the termination fine — and vice versa. See here the list of documents needed to be able to withdraw FGTS resources. Is it worth using FGTS resources to pay off debts? According to experts consulted by g1, although it can be an interesting strategy, using FGTS to pay off debts depends on a series of factors to make it worthwhile. The main factor, they say, concerns the interest rates that the worker is paying on any debts. “The FGTS is a financial reserve that workers can access in specific situations. In times of financial stress, when debts accumulate high interest, as in the case of credit cards or special checks, it may be advantageous to use this resource to eliminate these debts “, said HCI Invest partner Wanessa Guimarães. According to the expert, paying off this type of debt can help the worker prevent this debt from continuing to grow, potentially generating “significant savings” in the long term. For Guimarães, the main benefits are: Elimination of interest: when paying off a debt with the FGTS, the worker stops paying interest, which can generate significant savings in the long term; Credit recovery: paying off debts allows workers to “clear” their name and have access to new lines and financing; Financial organization: by paying off a debt, workers may be able to organize their finances more easily and avoid accumulating new debts. Experts warn, however, that this is not a risk-free operation (understand below) and financial planning is necessary to avoid future problems. How do you know if withdrawing funds to pay off debts is the best option? In addition to carrying out a detailed analysis of their debts — putting down what they are, the interest each one carries and the total amount owed —, the worker may also need to take stock of their monthly budget to understand whether to withdraw their FGTS resources. It’s actually a good idea. According to Recovery’s digital billing manager, Camila Poltronieri Flaquer, this balance sheet must contain how much the worker earns and how much he spends monthly. In addition, he will also need to assess whether it is possible to save some amount per month to start renegotiating his debts or do something to earn extra income. “If interest rates are very high and he sees no other way out, using the FGTS could be a good option to get rid of debt and start over. However, it is essential to have a financial plan to avoid falling into new debt,” said the executive. Furthermore, experts also reinforce that workers also need to think about the long term, since withdrawing resources may result in a smaller balance in the fund account for a possible emergency or future plans. “The FGTS is a type of financial cushion, and it is important to assess whether withdrawing resources to pay off debts is really the best option. It is necessary to consider the current balance of the FGTS, the withdrawal options available and the possible future needs to use the fund for other purposes, such as purchasing a property”, added Flaquer. FGTS can no longer lose to inflation Is there any risk for the worker? In addition to possibly reducing the FGTS balance, experts warn that making withdrawals could also leave the worker unprotected in the future. “One of the risks for the worker is using the resources now and not having enough resources for retirement, for example. If you opt for the birthday withdrawal, you will also not be able to redeem the FGTS balance if you are sent away without just cause” , warned the financial planner certified by Planejar Leticia Camargo. Another point is that, if the worker uses the FGTS balance to pay off debts, but is unable to reorganize their finances, the pattern tends to repeat itself. “If the debt is caused by uncontrolled financial behavior, there is a risk that, even after payment, the problem persists and new debts are accumulated, without the worker having this reserve to fall back on,” said Guimarães, from HCI Invest . The g1 calculator shows how much you will earn from the distribution of FGTS Profit. What precautions are needed before choosing to use the FGTS to pay off debts? The experts consulted by g1 also put together a series of tips on the care workers need before choosing to withdraw FGTS resources. See below. 📒Organize your budget and take stock of your finances. Putting accounts and earnings at the tip of a pencil, and listing all unpaid or outstanding debts can help workers have a clear picture of their financial health and identify possible ways to pay off debts and reorganize finances. 💡Evaluate alternatives and have financial planning. An important step in this process is to understand that withdrawing FGTS resources can leave the worker unprotected in the future or without money for a possible emergency or future plans, such as purchasing a property, for example. 💸 Identify the interest on your debts and assess whether this debt really justifies the use of FGTS. If, after a careful financial assessment, the worker comes to the conclusion that it will be necessary to withdraw funds from the FGTS, the tip is to give preference to debts that have high rates — such as credit cards or special checks, for example — to avoid this debt snowballs. 🤝Identify debts and renegotiate with your creditors. An important part of financial reorganization also involves listing all debts — already delinquent or still outstanding. With this in hand and an organized budget, the tip is to understand how much you can set aside per month to pay your debts and look for creditors to try to renegotiate, aiming for smaller installments that fit your pocket. 💲If necessary, seek extra income. Keeping your bills up to date is a big challenge for many Brazilians, but it is important to know how to start over or look for alternatives when necessary. Analyze the general financial situation, identify the cause of the debt and plan measures to prevent the problem from recurring. 💰Keep a financial reserve. Another important step in organizing the budget is maintaining a financial cushion, which can help workers prepare for possible emergencies. According to experts, ideally this reserve should be the sum of six months to one year of expenses. 💻Research the topic and find out. Understanding how to improve financial health is an important step for workers to be able to use only part of the resources if necessary and still keep money in the account for the future. The internet can be an ally, with various applications, ready-made spreadsheets and online videos.



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