Payroll portability for retirees grows 270% in March – 04/14/2024 – Panel
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Payroll loan portability operations for retirees and pensioners grew by almost 270% in March compared to the same month in 2023, following the drop in the interest rate on this type of credit over the past year.
Social Security data shows that 394,086 contracts were transferred to financial institutions with lower interest rates, compared to a total of 106,650 last year.
Among the institutions that carried out the most contract portability are Facta Financeira, with 66,427, Banco do Brasil, with 43,854, Banco Agibank, with 42,289, and Banco Paraná, with 34,788.
An increase in new payroll loan operations was also recorded. While in March last year there were 588,316 registered, last month there were 815,338, an increase of 38.6%.
Last year, Minister Carlos Lupi (Social Security) fought with banks that offer these loans to reduce the payroll ceiling. After trying to take this level to 1.7% per month, he had to retreat after public and private banks suspended loan operations.
The rate was established at 1.97% at the end of March 2023. Since then, it has declined and, at the end of February, it was at 1.72% per month for operations with payroll deduction. In the form of credit cards and payroll deductible benefit cards, the interest ceiling is 2.55% per month.
According to Social Security, of the 37.1 million beneficiaries, 14.5 million have loans, or 39.18% of INSS beneficiaries.
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