INSS: See how much the payroll loan installment can be – 03/28/2023 – Market

The interest rate on payroll loans from the INSS (National Social Security Institute) will have its second change in less than 20 days. The new percentage will be defined by the CNPS (National Social Security Council), in a meeting this Tuesday afternoon (28), in Brasília.

Payroll interest for retirees and pensioners is limited, which means that the financial institution can charge less, but not more than this rate.

There are three percentages on the negotiating table: 1.9%, proposed by retirees and workers; 1.99% proposed by banks; and 1.97%, a proposal defined by President Lula to try to end the impasse, which led banks to cancel the loan offer two weeks ago.

To show how the change will touch the pockets of pensioners, Miguel José Ribeiro de Oliveira, executive director of Anefac (National Association of Executives), calculated, at the request of the Sheethow are the values ​​of installments, interest payments and indebtedness of beneficiaries with different income ranges who take the payroll loan.

The simulations consider the interest rates proposed by Lula, retirees and banks, in addition to examples that take into account the current rate, of 1.7%, and the one that was in effect before, of 2.14%.

Calculations show that, although the ceiling is below the interest rates applied in other types of credit, the debt of the payroll loan contractor for the maximum term will be almost double the credit taken

According to calculations, if a retiree who receives a minimum wage from the INSS (today, R$ 1,302) takes R$ 1,000 on a payroll loan at 1.99% per month, for example, he will pay 84 installments of R$ 24.60 . At the previous rate of 1.70%, each installment in this example would be R$22.45.

See examples of how the plots would look with the different proposals

All calculations consider assignable margin of 35% of the benefit, for payment of the loan within a maximum period of 84 installments, which equals seven years.

The new rate seeks to remedy the crisis generated by the suspension of credit for retirees and pensioners by at least ten banks, which left around 37 million social security beneficiaries with restricted access to cheaper credit.

Payroll is a credit with a direct discount on the payroll. Interest is controlled by the CNPS. In the INSS payroll, the insured can commit up to 45% of the benefit with the payroll loan. Of this total, 35% are for the personal loan, 5% for the credit card and 5% for the benefit card, created last year.

Such as Sheet showed, the reduction of the INSS payroll loan interest ceiling from 2.14% to 1.7% was the result of a conflict between Lupi and the Planalto Palace.

According to reports from members of the government, the measure was even presented to Lula in a meeting on the 8th and the representative gave the endorsement for the proposal to begin to be processed internally and to hear the ministries involved, in particular the Treasury.

Lupi, in turn, understood —according to interlocutors— that he could continue the analysis of the topic at the CNPS meeting held last Monday (13).

The cut in the INSS payroll loan interest ceiling was approved by 12 of the 15 CNPS participants – the three employer representatives were the only votes against the measure.

The Chief Minister of the Civil House, Rui Costa, said last week that the INSS payroll loan interest rate ceiling should be slightly below 2%. According to him, the new index “will be higher than 1.7%, because Banco do Brasil and Caixa say that this rate does not make the loan profitable”.