INSS payroll: retirees want interest at 1.9% – 03/27/2023 – Market

Union centrals, bodies linked to retirees and confederations of workers from different sectors defined that they will accept a limit of 1.9% for the interest rate of payroll loans from the INSS (National Institute of Social Security). The decision was taken in a videoconference held on the morning of Monday (27).

The banking sector, however, should not give up an interest ceiling close to 2%, according to Sheet found out, which could lead to an arm wrestling match between the two sides this Tuesday (28), at a meeting of the CNPS (National Social Security Council) to define a new rate.

The meeting between unions was an attempt to end the stalemate created two weeks ago, after the council approved a reduction from 2.14% to 1.7% in payroll loans and from 3.06% to 2.62% in credit cards. and on the benefit card and the banks suspended the credit three days later.

Among the institutions that stopped making payroll loans are Banco do Brasil, Caixa Econômica Federal, Bradesco, Itaú, Pan, Mercantil do Brasil, C6 Bank and Daycoval.

The government held several meetings last week to try to reach an agreement and the unions complain that they were not summoned to the meetings. The last one, on Friday (24), was between representatives of the ministries and Febraban (Brazilian Federation of Banks).

“We were not called at any time after the 13th. We are being sidelined by the government. That’s why we held this meeting with other unions to take a position at tomorrow’s meeting and we want to be heard”, says João Inocentini, president of Sindnapi (National Union of Retirees, Pensioners and Elderly People).

At this Monday’s meeting, it was decided that the union representatives will propose a limit of 1.9% in the interest rate and the creation of a working group to discuss the INSS payroll loan every 60 days.

“The idea is for this group to discuss everything, legislation, interest rates and other issues related to payroll”, explains Tonia Galleti, Sindnapi’s lawyer.

In a note, Febraban states that it participated in another round of talks by the working group coordinated by the Ministry of Finance to discuss interest rates and that “the proposals from both sides are now closer”.

Banco do Brasil says it is waiting for the definitions “about the new levels of rates to assess the technical viability of operations under the agreement it maintains with that authority”.

Caixa reaffirmed its previous position, that the new interest rates established by the CNPS have “a lower level than what the bank already practices, being the lowest rate on the market”.

The bank says that the return of the payroll depends on the “completion of the technical studies of economic, financial and operational feasibility, already in progress, with a view to guaranteeing the adequacy of the concessions to the new regulatory provisions”.

Sindnapi’s expectation is that this Tuesday’s meeting will end the impasse. “It is necessary to reach an agreement, because Brazil is experiencing chaos because of this. The people who need it most are the poor, as they are looking for money to eat. This needs to be resolved urgently”, says Inocentini.

In addition to the trade union, representatives of Cobap (Brazilian Confederation of Retired Persons), CUT (Single Workers’ Central), Força Sindical, UGT (General Union of Workers), Contag (National Confederation of Workers), CSB (Central of Brazilian Trade Unions) participated in the meeting. ), CNA (National Confederation of Agriculture), CNI (National Confederation of Industry) and CNPA (National Confederation of Fishermen and Aquaculturists).

Retirees cheer for reduction

Since the suspension of the payroll by the banks was announced, retirees are waiting for the outcome of negotiations to seek the loan. This is the case of Maria Rosane Paulino, 62, who looked for a bank, but was unsuccessful and went to the banking cooperative linked to Sindnapi this Monday.

“I came here looking for information and the rate was good. I need the payroll and this discussion about reducing interest rates is a benefit for us. If they lower, better for us”, he says.

According to Sicoob Coopernapi (National Cooperative of Retirees, Pensioners and the Elderly), there has been a 20% increase in demand for retirees using the INSS payroll since the banks announced the suspension of the service. “Half of this increase was after we reduced the interest rate to 1.7%, and the other half was because of the suspension of the banks”, evaluates Mario Bertucci, business director.

Those who have a payroll contract in effect are also waiting for a definition to assess whether they will discuss the current agreement. “I have a payroll loan to pay until 2026. I went to the finance company and they told me that I had to wait. Banks never lose money and I hope this reduction will help people, who are tight and need a lot of help”, says Samuel from Oliveira Pimenta, 74.

Lula defended the reduction, but said it was done “wrongly”

Last Tuesday (21), President Luiz Inácio Lula da Silva said he was in favor of reducing the interest rate ceiling, but said that it was done wrongly, without discussing it with the economic team and the government’s political core. and with the banks.

On the same day, the Chief Minister of the Civil House, Rui Costa, stated that the INSS payroll-deductible limit should be slightly below 2%. A Sheet had anticipated that a range for the ceiling between 1.9% and 2% was cited as feasible, by people familiar with the conversations.

Experts heard by Sheet indicate, however, that only the new contracts are suspended and that the agreements in force cannot be changed.

“The reduction will only be valid for contracts made after this reduction. When banks accept this new rate, what may happen is a search for portability”, explains public defender Luiz Fernando Baby Miranda, public defender and assistant coordinator of Nudecon- SP.