Read this Monday’s edition of the FolhaMercado newsletter (15) – 04/15/2024 – Market

This is the edition of the FolhaMercado newsletter for this Monday (15). Do you want to receive it from Monday to Friday, 7am, In your email? Sign up below:

Rich people should earn more with Lula 3

In the coming years, Brazil should see greater growth in real income (above inflation) for classes A and B than for classes D/E.

The scenario calculated by the consultancy Tendência represents a reversal of what happened in the first two governments of President Lula (PT), when the expansion of the middle class, or C, was the main mark left by the president.

Which explains: the richest should see a significant gain in their income with the level of interest rates here. Despite the Selic being on a downward trajectory, the pace of cuts should not go much beyond 9% per year.

• Today, it is possible to obtain 6% per year above inflation with conservative financial investments in Brazil.

↳ At the bottom of the income pyramid, Tendências does not expect, in the coming years, generous correction rates for Bolsa Família or the minimum wage due to the limited fiscal space that the Lula 3 government has available.

• This is contrary to what happened between 2003 and 2010, when the government saw its Budget increase thanks to the commodities boom, structural reforms and growth in the global economy.

Understand: the calculation of the income mass considers the sum of the usual income from all jobs, transfers from Bolsa Família and social benefits, Social Security and other sources of income, such as interest and dividends.

In numbers:

• 3.9% per year it must be the increase in the real income mass of class A between 2024-2028;
• 1.5% per year it must be the growth in income of class D/E in the same period.

---

Salary difference in state-owned companies

Banco do Brasil, Caixa and Petrobras, the three main state-owned companies in Brazil, pay more to men than to women.

They are paid more than them in 110 of the 146 company units analyzed in the companies’ equal pay reports.

In state-owned companies, unlike the private sector, entry is through a public competition and starting salaries are the same for everyone. The difference in income arises from career progression.

In which units is the average salary higher for men in the three state-owned companies:

• 84% from Petrobras;
• 75% from Banco do Brasil;
• 69% from the box

Understand: The equal pay law required companies with more than 100 employees to present a report comparing the salaries of men and women by March of this year.

Companies questioned the rule in court, complaining mainly about the wrong way in which the data was calculated by the government: in the same positions, men and women have equal salaries.

The Undersecretary of Labor Statistics and Studies at the Ministry of Labor and Employment, Paula Montagner, told Sheet be more sensitive to women’s performance than to companies’ fear of reputational damage.

What the state-owned companies say

↳ Petrobras stated that its job plan does not allow distinctions between men and women in the same function and work unit.

“The only difference that can occur is related to earnings with a different work regime, such as those who work on board,” he stated. There are more men on board, says the company, which is reflected in the average salary.

↳ Banco do Brasil says it follows a job and salary plan with remunerations defined “with criteria that have no link to issues of gender, race or other aspects associated with discrimination or prejudice.”

↳ The Box reported having salary references for positions that follow rules of seniority and merit, without distinction of gender.

“The bonus functions are remunerated according to the responsibility and complexity of the performance in each job, enabling the career development of employees in general.”

More about gender inequality at work

---

Startup of the Week: InstaCarro

On Mondays, the panel features an x-ray of a startup that recently announced funding.

The startup: Founded in 2015, it is a used car sales platform for dealerships.

In numbers: the company announced that it had raised R$55 million in a series C round (understand the stages of investing in startups here).

• The investment involved equity (a slice of the company) and debt financing.

Who invested: the round was led by Fasanara Capital and institutional credit funds. J Ventures, FJ Labs and Rise Capital accompanied the investment.

What problem does it solve: the startup promises to make life easier for those who want to sell their car. To do this, it provides a free assessment of the vehicle and forwards the offer to more than 4,000 dealerships in Brazil.

• The best “auction” proposal among interested parties arrives within 24 hours, and, in case of agreement, payment is immediate.
• For store owners, InstaCarro offers financing, logistics and help with paperwork.

Why it’s featured: With the Brazilian used car market among the largest in the world, the startup claims to operate more than 8,000 transactions per month, with sales exceeding R$2 billion since its creation.

• Among its competitors, there are Brazilian companies such as Webmotors and iCarros and the Mexican Kavak, which arrived in the country in 2021.

---